S&P rates Kronos loans B, CCC+

Standard & Poor's said it assigned Kronos Inc.'s extended and incremental first-lien credit facilities a B bank loan rating and a recovery rating of 3.

The 3 recovery rating indicates expectations for meaningful recovery of principal in the event of payment default.

In addition, the agency said it assigned Kronos' extended second-lien credit facilities a CCC+ bank loan rating with a recovery rating of 6. The 6 recovery rating indicates expectations for negligible (recovery of principal in the event of payment default.

The corporate credit rating on the company remains unchanged. The outlook is stable.

"The rating on Kronos reflects the company's focus on workforce management, a niche segment in the $6.4 billion human capital management market and high leverage," said S&P credit analyst Jacob Schlanger in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.