Moody's rates Knowlton Packaging loan B2

Moody's Investors Service said it assigned a first-time B2 corporate family rating to Knowlton Packaging, Inc. and affiliates.

The company is a subsidiary of Knowlton Development Corp., Inc., also known as KDC HoldCo, Inc., which will be a guarantor.

Moody's also said it assigned a B2 rating to the first-lien bank loan issued by Knowlton Packaging and KDC U.S. Holdings, Inc.

KDC will be majority owned by Cornell Capital, which together with co-investors, agreed to purchase the company in a leveraging transaction in October.

The outlook is stable.

The ratings reflect the group's growing presence as a value-added contract manufacturer and partner to the North American beauty, personal care and home industries, Moody's said.

The ratings also consider the company's solid innovation capabilities, long standing customer relationships and relatively low-risk business model due to raw material pass-through arrangements, the agency said.

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