S&P trims Knowlton Development

S&P said it lowered Knowlton Development Corp. and its senior secured term loan to B- from B.

“The rating action reflects our expectations that the massive retail store closings in North America and decline in travel sparked by the coronavirus pandemic will likely have a material impact on KDC’s revenues and EBITDA for fiscal 2021. Specifically, we anticipate the company could significantly underperform in its cosmetics and other prestige beauty product categories,” said S&P in a press release.

The outlook is negative.

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