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Moody’s rates Keane B2, loan B3
Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Keane Group Holdings, LLC.
The agency also assigned a B3 rating to Keane's proposed $350 million senior secured term loan due 2025.
Moody's also assigned Keane a speculative grade liquidity rating of SGL-1.
The outlook is positive.
Proceeds from the proposed term loan will be used to refinance Keane's existing $282 million senior secured term loan (unrated), to pay related fees and expenses and for general corporate purposes.
“Keane's B2 corporate family rating reflects the company's strong market position in a highly cyclical industry,” the agency said in a news release.
“While leverage is currently low, the rating reflects the cyclicality of the industry and volatility of demand for oilfield services by exploration and production (E&P) companies which can result in significant swings in operating performance.”
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