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| Prospect News home > News index > List of issuers K > Headlines for KDC Holdco Inc. > News item |
S&P cuts rating on KDC Holdco loan
S&P said it cut the rating on KDC Holdco Inc.’s first-lien term loan to B from B+.
It also revised the recovery rating on the loan to 3 from 2.
S&P cited KDC’s proposed $85 million add-on to its first-lien loan without a meaningful change to the enterprise value at default and the term loan leasing as the reason for lowering the recovery rating. A 3 recovery rating indicates a meaningful (50%-70%: rounded estimate 65%) recovery from a 2, which indicates a substantial recovery (70%-90%: rounded estimate 70%) in default.
The issuer credit rating is unchanged at B with a stable outlook.
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