S&P slices KCIBT Holdings

S&P said it downgraded its issuer rating for KCIBT Holdings LP (CIBT) to CCC- from CCC+. The agency does not rate CIBT’s loans, which are borrowed through CIBT Global, Inc.

We see increased risk to CIBT's ability to meet cash interest payments due in the third quarter of 2024 given headwinds in China and persistent underperformance. Though travel volume recovery has steadily continued, CIBT's earnings have underperformed our previous forecast since credit agreement revisions in June 2023.

The outlook is negative.

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