S&P cuts KNB Holding

S&P said it lowered the issuer credit rating on KNB Holdings Corp. to B- from B, because the agency expects KNB’s profitability to remain weak through at least the first half of 2020 as additional tariffs take effect later this year.

At the same time, S&P lowered the issue-level rating on the company's first-lien term loan to B- from B. The recovery rating remains 3, indicating an expectation for meaningful (50%-70%, rounded estimate: 50%) recovery in the event of a payment default.

The outlook is negative.

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