Moody's drops Kronos

Moody's Investors Service said it downgraded Kronos Inc.'s corporate family rating to B3 from B2, its probability of default rating to B3-PD from B2-PD, and the ratings for its first- and second-lien senior secured credit facilities by one notch to B1 and Caa2, respectively.

The outlook is stable.

The company plans to increase the size of its previously proposed dividend to $490 million by upsizing its incremental term loans to $380 million from $300 million.

The downgrade of Kronos' ratings reflects the deterioration in the company's credit metrics resulting from the increase in debt and its aggressive financial policies, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.