Fitch gives KDC loans B

Fitch Ratings said it assigned B/RR3 ratings to KDC US Holdings, Inc.’s and kdc/one Development Corp.’s five-year revolver and five-year term loan with dollar and euro tranches. Zobele Mexico, SA de CV is a co-borrower on the revolver. The agency changed the outlook to stable from positive and affirmed its ratings, including the B- issuer default rating.

The revised outlook assumes the “given Fitch-defined EBITDA leverage stays above 7x, with leverage at 7.2x at the end of FY23 (ended April 30) compared to previous expectations for EBITDA leverage in the mid 6x range and the weakening in interest coverage metrics due to the increase in borrowing costs,” the agency said in a press release.

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