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Fitch affirms Kirby
Fitch Ratings said it affirmed Kirby Corp.'s issuer default ratings on its $250 million credit facility and $200 million of senior notes at BBB, following the announcement that Kirby will acquire United Holdings LLC.
The outlook is stable.
On Feb. 21, Kirby announced that it planned to acquire United Holdings for $270 million in cash and an earn-out provision that could result in up to an additional $50 million payment in 2014, S&P said. The transaction is expected to close in April.
Kirby's ratings consider its acquisitive nature and its ability to undertake the transaction, the agency said.
The ratings also consider that the company's business fundamentals and credit profile generally remain solid, the agency added.
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