S&P revises Kraton view to developing

S&P said it revised its outlook on Kraton Corp. to developing from stable.

Kraton recently announced it entered into a definitive agreement to be acquired by DL Chemical Co. Ltd. (unrated), a subsidiary of Korean holding company DL Holdings Co. Ltd. (also unrated).

The all-cash transaction, implying an enterprise value of $2.5 billion, will be funded through a combination of cash and debt financing. DL Chemical has received fully committed financing.

S&P could revise its outlook if or when additional details regarding the transaction and financing become available, or when the acquisition closes, the agency said in a news release.

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