S&P assigns B to Kissner notes

S&P said it assigned its B long-term corporate credit rating to Kissner Holdings LP. The outlook is stable.

At the same time, S&P assigned its B issue-level rating and 4 recovery rating to Kissner's proposed US$400 million senior secured notes due 2022. The 4 recovery rating on the senior secured notes indicates an expectation for average (30%-50%; at the lower end of the range) recovery under a simulated default scenario.

“Our rating action follows the proposed dividend recapitalization transaction the company announced and the new corporate structure that now includes Kissner Milling and BSC Holding Inc. as wholly owned subsidiaries of Kissner, the new rated entity,” said S&P credit analyst Michelle Dathorne in a news release.

© 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.