Kronos Acquisition Holdings Inc. recently completed its US$1.6 billion leveraged buyout of Canada-based packaged consumer goods manufacturer KIK Custom Products Inc. We are assigning our 'B-' long-term corporate credit rating to Kronos given that the terms of the purchase transaction are largely consistent with assumptions underlying our preliminary ratings on Kronos. At the same time, we are assigning our 'B-' issue-level rating and '4' recovery rating to the company's US$850 million senior secured term loan, and 'CCC' issue-level rating and '6' recovery rating to Kronos' US$390 million senior unsecured notes. We are also withdrawing all our ratings on KIK, including our 'B-' long-term corporate credit rating on the company. The stable outlook on Kronos reflects our expectation that the leveraged
