S&P downgrades Kinetic to B

Standard & Poor's said it lowered its corporate credit rating on Kinetic Concepts Inc. to B from BB+.

This follows the completion of the company's leveraged buyout by private-equity firm Apax Partners LP, the Canada Pension Plan Investment Board, and the Public Sector Pension Investment Board, and is consistent with the expected actions stated in S&P's CreditWatch listing, the agency said.

"Our rating on KCI was removed from CreditWatch, where it was placed with negative implications on July 8; the rating outlook is stable. At the same time, we withdrew our issue level and recovery ratings on all of the company's pre-LBO debt, which was retired as part of the transaction," said S&P credit analyst Jesse Juliano in a news release.

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