We are affirming our 'B-' long-term corporate credit rating on Kronos Acquisition Holdings Inc. At the same time, we are affirming our 'B-' issue-level rating, with a '4' recovery rating, on the company's upsized US$1.085 billion senior secured term loan, and our 'CCC' issue-level rating, with a '6' recovery rating, on Kronos' US$390 million senior unsecured notes. The stable outlook on Kronos reflects our expectation that the company will improve its earnings, generate sufficient cash flows to cover fixed charges, and maintain adequate liquidity and EBITDA interest coverage at about 2x. On July 22, 2016, S&P Global Ratings affirmed its 'B-' long-term corporate credit rating on Kronos Acquisition Holdings Inc. based on its expectation that the company's acquisition synergies will
