Moody’s reviews KKR Retail, SMCP

Moody's Investors Service said it placed the B2 corporate family rating and B1-PD probability of default rating of KKR Retail Partners Midco Sarl (SMCP) on review for upgrade.

Concurrently, the agency placed the B3 instrument rating on the €290 million senior secured notes due 2020 issued by SMCP SAS on review for upgrade.

"The decision to place the ratings on review for upgrade follows the company's announcement that it plans to use proceeds from a potential initial public offering to reduce outstanding debt," David Beadle, Moody's vice president, senior analyst and lead analyst for SMCP, said in a news release.

"Under the proposed terms, a successful IPO will result in stronger credit metrics, including lower leverage and increased interest coverage."

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