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Moody's lifts K&N's
Moody's Investors Service said it upgraded K&N Parent, Inc.'s corporate family rating to Caa2 from Caa3, probability of default rating to Caa2-PD from Caa3-PD, senior secured first-lien credit facilities to Caa1 from Caa2 and second-lien term loan to Caa3 from Ca.
“The rating upgrades reflect Moody's view of a somewhat lowered risk of default although liquidity is still weak. Strong demand for K&N's products will contribute to earnings growth in 2021 and as a result, Moody's views financial leverage, albeit high at about 8x debt/EBITDA at end of 2020, to be on a trajectory to more sustainable levels,” the agency said in a press release.
The rating outlook is stable.
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