S&P upgrades Kcibt

S&P said it raised Kcibt Holdings LP’s (CIBT) issuer rating to CCC+ from SD, selective default, its first-lien debt to CCC+ from D and its second-lien debt to CC from D.

The issuer’s lenders agreed to a waiver for first-lien amortization and interest through June 2024.

“The cash interest and amortization relief through June 2024, along with the cash it raised through incremental debt, will provide the company with temporary financial flexibility to focus on returning to growth. We based our upgrade of Kcibt on our expectation that it will continue to expand its travel revenue by about 10%-15% per quarter over the next 12 months and improve its operating leverage,” S&P said in a press release.

The outlook is negative.

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