S&P drops Kraton

Standard & Poor's said it lowered its corporate credit rating on Kraton Polymers LLC to CCC+ from B and placed the rating on CreditWatch with negative implications.

The agency said it also lowered the bank loan and subordinated debt ratings and placed them on CreditWatch.

S&P noted that the downgrade follows the company's announcement of a weak operating result in its fourth quarter ended Dec. 31 and reflects the increased possibility that Kraton will have to seek covenant relief from its lenders within the next several quarters.

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