S&P lowers Kraton

S&P said it lowered its issuer credit rating on Kraton Corp. to B from B+.

At the same time, the agency cut the issue-level rating on Kraton's senior secured term loan to B+ from BB-. The recovery rating is unchanged at 2 (rounded estimate: 75%).

The outlook is negative.

S&P said it anticipates that Kraton's performance will weaken in the second half of 2023 before improving in 2024.

“We base this expectation for second-half 2023 weakness on our assumption that market conditions, including demand and pricing, are weaker than we previously expected,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.