S&P trims Alchemy International

S&P said it lowered the issuer credit rating on Alchemy International Holdings LLC (Kymera) to B- from B to reflect S&P’s expectation for weaker credit measures.

At the same time, S&P lowered the issue-level rating on the company's $420 million first-lien term loan due 2025 ($413 million outstanding) to B- from B. The 3 recovery rating remains unchanged.

The outlook is stable.

“We forecast that Kymera's credit measures will remain weaker than we previously anticipated over the next 12-24 months,” S&P said in a news release.

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