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Fitch may lift Knight
Fitch Ratings said it placed the following ratings of Knight, Inc. on rating watch positive following the company's announcement that it has agreed to sell an 80% stake in MidCon LLC, a Knight subsidiary: long-term issuer default rating B+, senior secured credit facilities BB/RR2, secured notes and debentures BB/RR2, short-term issuer default rating B and capital trust securities at B-/RR6.
The agency said that MidCon is the holding company of the Natural Gas Pipeline Co. of America, adding that consummation of this sale and the expected paydown of debt, along with asset dispositions completed earlier this year, substantially completes Knight's deleveraging following its own management-led leveraged buyout completed in May 2007.
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