Moody’s cuts Kronos notes to Caa2

Moody's Investors Service said it affirmed Kronos Acquisition Holdings Inc.'s B3 corporate family rating, B3-PD probability of default rating and B1 senior secured term loan B rating, and downgraded the senior unsecured notes to Caa2 from Caa1.

The outlook remains negative.

Kronos is looking to issue $100 million add-on to its existing $804 million senior secured term loan B and net proceeds will be used to repay a portion of drawings outstanding under the revolver.

"The downgrade of senior unsecured notes reflects the increase in senior debt ranking ahead of them in the capital structure," Moody's vice president and senior analyst Peter Adu said in a news release.

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