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S&P boosts Kinetek
Standard & Poor's said it raised its corporate credit rating on Kinetek Inc. to B from B- and removed it from CreditWatch with developing implications, where it was placed Sept. 13.
The outlook is stable.
As the same time, S&P said it affirmed its B bank loan rating and recovery rating of 2 on Kinetek's $270 million first-lien credit facilities and its CCC+ bank loan rating and a recovery rating of 5 on the company's $95 million second-lien credit facilities.
The agency noted that the upgrade reflects the completion of the acquisition of Kinetek by The Resolute Fund LP and the company's improved liquidity position.
S&P added that the ratings continue to reflect Kinetek's highly leveraged financial profile following the proposed transaction and the competitive and cyclical nature of the global electrical motors and motion controls systems industry in which it operates.
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