S&P cuts Kepro

S&P said it downgraded Keystone Acquisition Corp.’s (Kepro) issuer rating to B- from B. Concurrently, the agency lowered the rating on Kepro’s $232.5 million first-lien term loan to B- from B and the $100 million second-lien term loan to CCC from CCC+.

“The downgrade reflects Kepro's underperformance versus our projections since our negative outlook placement in April 2019, resulting in weakened credit protection measures. In the 12 months ended second-quarter 2020, the company's revenue declined about 9% and S&P adjusted margins decreased slightly to 25% (from 26% a year ago),” S&P said in a press release.

The outlook is stable.

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