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S&P puts Kirby on watch
S&P said it placed its BBB+ corporate credit rating on Kirby Corp. on CreditWatch with negative implications.
On Feb. 4, Kirby announced that it had agreed to acquire Higman Marine Services Inc. for $419 million in a debt-financed transaction.
The CreditWatch negative placement reflects that the company's debt leverage may increase pro forma for the proposed transaction, S&P said.
“We expect Kirby's adjusted debt leverage to remain above our downside trigger of 2x debt-to-EBITDA for the 12 months following the close of the transaction (if it is completed as proposed),” S&P said in a news release.
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