S&P rates Knowlton loan B-

S&P said it assigned a B- and a 3 recovery rating to Knowlton Development Corp.’s €441 million senior secured term loan. The company used the loan to close its acquisition of Zobele Group.

The agency also revised the outlook to negative from stable. “The stable outlook reflects our expectation that the company will maintain leverage close to 7x-7.5x and adequate liquidity through 2021, reflecting the company's ability to diversify into product categories that are essential in nature,” S&P said.

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