Fitch assigns Knowlton B, loans B+

Fitch Ratings said it assigned a first-time long-term issuer default rating of B to Knowlton Development Holdco, Inc., Knowlton Development Corp. Inc. and KDC US Holdings, Inc., the co-borrowers. Fitch assigned a B+/RR3 rating to the company’s $125 million revolver and $1.425 billion term loan.

“Knowlton Development Corp.’s (KDC) B rating reflects its position as a global leader in custom formulation and manufacturing solutions for beauty, personal care and home care brands, supported by a diverse product portfolio and a customer base ranging from blue-chip names to ‘indie’ brands, with whom the company typically maintains long-term relationships,” Fitch said in a press release.

The outlook is stable.

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