S&P lowers KCIBT Holdings

S&P said it lowered KCIBT Holdings LP's issuer credit rating to B- from B, along with the ratings on the company's first-lien debt to B- from B and second-lien debt to CCC+ from B-.

KCIBT Holdings has made slower-than-expected progress toward de-leveraging from its original leverage of more than 8x at the time of its 2017 leveraged buyout, S&P said.

Given expectations for the company to continue to prioritize mergers and acquisitions as it looks to grow its immigration services and solutions business segment, the agency said, leverage is expected to remain at more than 7x, the agency said, from previous expectations of leverage of less than 6.5x in 2019.

The stable outlook reflects an expectation that the company will maintain adequate liquidity as it continues its high-paced mergers and acquisitions growth strategy, supporting modest leverage reduction to the low-7x range by year-end 2019, S&P said.

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