S&P gives B to Alchemy loan

S&P said it assigned its B issuer credit rating to Alchemy International Holdings, LLC (Kymera). The outlook is stable.

S&P also assigned a B issue-level rating to the company's proposed first-lien term loan, along with a 3 recovery rating, indicating an expectation of meaningful recovery in a payment default. The first-lien term loan is entered into by Alchemy US Holdco 1, LLC – a subsidiary of Alchemy International Holdings, LLC.

“Key factors contributing to Kymera's rating include the toll-based nature of its operations, which enable the company to pass through volatile input material costs; the company's assorted product applications across broad end markets, which support steady levels of demand; and Kymera's diverse and long dated customer relationships, solidified by customized products integrated into specialized manufacturing processes.

“The company has a global footprint complemented by supplier relationships that we view as a competitive advantage because they are difficult to replicate,” S&P said in news release.

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