Concord, Ontario-based Kronos Acquisition Holdings Inc. ?s operating performance for 2024 was adversely affected due to heavy costs related to a fire incident in its Conyers, Ga. Raw materials and components warehouse. Kronos exited 2024 with meaningfully elevated leverage and free cash flow deficits. We expect these cash flow deficits to continue through 2025. Therefore, S&P Global Ratings revised the outlook on Kronos to negative from stable. At the same time , we revised our liquidity assessment to less than adequate from adequate. The ?B-? issuer credit rating is affirmed. We also affirmed the ?B-? issue-level rating on the company?s senior secured debt and ?CCC? rating on the unsecured debt. The recovery ratings of ?4? on the secured debt and
