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Moody's lifts Knight
Moody's Investors Service said it upgraded the debt of Knight Inc. and its supported subsidiaries (senior secured debt to Ba1 from Ba2, subordinated debt to Ba3 from B1).
The preferred stock rating of Kinder Morgan GP, Inc. was upgraded to Ba1 from Ba2, the agency said.
With the upgrade of Knight, Moody's said it views the combined Kinder Morgan family of companies to have investment-grade characteristics.
Therefore, Moody's said it withdrew Knight's corporate family rating, probability of default rating, loss given default assessments and its speculative-grade liquidity rating.
The outlook is stable.
Knight's ratings were upgraded as a result of its substantial reduction in leverage resulting from the sale of 80% of Natural Gas Pipeline Co. of America. Knight used sales proceeds and cash to repay $6 billion of debt, leaving about $3 billion of debt remaining at Knight, S&P added.
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