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S&P: KION on positive watch
Standard & Poor's said it placed its B long-term corporate credit rating on KION Group GmbH on CreditWatch with positive implications.
The agency also placed its B issue ratings on KION's existing €650 million and €500 million secured notes on CreditWatch positive. The recovery rating on €500 million and €650 million back-to-back loan facilities borrowed by Linde Material Handling is 4.
S&P said the CreditWatch placement reflects its view that, if successful, KION's proposed IPO could lead to a significant and sustainable reduction in leverage.
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