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S&P rates Knife River BB
S&P said it assigned a BB issuer credit rating to Knife River Corp. and a recovery rating of 3 to the company’s planned senior unsecured notes.
The outlook is stable.
Knife River’s tax-free spinoff from MDU Resources Group Inc. will result in a stand-alone, aggregates-based, vertically integrated construction materials and contracting provider.
Knife River will be capitalized with $190 million of borrowings under a new $350 million revolving credit facility due 2028 (not rated), a new $300 million term loan A (not rated) and new $400 million senior unsecured notes due 2031, S&P said.
“We expect Knife River to maintain debt to EBITDA of 2x-3x,” S&P said in a news release.
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