Moody’s rates kdc/one loan B3

Moody’s Investors Service said it gave a B3 rating to Knowlton Development Corp.’s (KDC/ONE Development Corp.) $355 million revolver maturing in June 2027, or November 2025 if the company has not refinanced or replaced all the outstanding term loans by Dec. 31.

Concurrently, the agency affirmed its B3 ratings on the issuer, its $60 million revolver that expires in December 2023, its $930 million term loan due December 2025, and its €560 million term loan due December 2025. Moody’s also changed the outlook to positive from stable.

“The change to a positive outlook reflects KDC/ONE's meaningfully improved credit metrics and liquidity following the KKR equity investment, the Aerofil acquisition, as well as Moody's view that KDC/ONE will improve cash flow generation as non-recurring costs drop and the company normalizes its capital spending,” the agency said in a press release.

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