Moody's confirms Kraton

Moody's Investors Service said it confirmed the ratings for Kraton Polymers LLC (B2 corporate family rating) and concluded the rating review that was established in April 2008.

The outlook is negative.

In June, Moody's said it had indicated that the ratings would remain under review as the company has announced their intent to explore refinancing options to improve financial flexibility.

The refinancing was meant to improve the near term liquidity and covenant pressures Moody's said it believed were associated with Kraton's existing credit facilities.

At the end of Sept., the agency said that Kraton achieved a bank EBITDA/interest of 3.93x versus a required 2.50x covenant and a debt/EBITDA metric of 3.94x versus a required 4.95x.

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