Moody’s changes KKR Retail review to uncertain

Moody's Investors Service said it changed the direction of the ratings review of KKR Retail Partners Midco Sarl (SMCP) to uncertain from review for upgrade.

The ratings affected are the B2 corporate family rating, B1-PD probability of default rating and the the B3 instrument rating on the €290 million senior secured notes due 2020 issued by SMCP SAS.

Moody’s said the ratings change follows the announcement on March 31 that an exclusivity agreement has been entered into for a proposed transaction under which Chinese textile manufacturer Shandong Ruyi Technology Group will become the majority owner of KKR Retail. Existing majority owner, private equity firm KKR, and the company's management will retain minority stakes.

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