Moody’s trims KNB

Moody's Investors Service said it downgraded KNB Holdings Corp.'s corporate family rating to Caa1 from B2 and the probability of default rating to Caa1-PD from B2-PD.

Moody's also downgraded the rating on the senior secured first-lien term loan to Caa1 from B1.

The outlook is negative.

“The downgrades reflect KNB's unsustainable capital structure and weak liquidity,” the agency said in a news release.

“KNB has experienced a material decline in operating performance due to significant tariffs on its imports and inventory reductions by its' key customers.”

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