S&P revises KNEL Acquisition view to negative

S&P said it revised its outlook on KNEL Acquisition LLC to negative from stable and affirmed its B issuer credit rating, B issue-level ratings on the first-lien credit facilities and CCC+ issue-level ratings on the second-lien term loans.

“The negative outlook reflects higher than expected leverage and the likelihood we would lower the ratings if we no longer see a clear path for the company reducing leverage below 7.5x over the next 12 months,” S&P said in a news release.

“It also reflects the refinancing risk associated with the company extending its revolver, which is set to mature in December 2019.”

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