CHICAGO (Standard&Poor's) Nov. 1, 2013--Standard&Poor's Ratings Services today lowered its issue-level rating to Rosemont, Ill.-based WKI Holding Co. Inc.'s (World Kitchen's) senior secured credit facility to 'B' from 'B+'. The company is adding $62 million to its original $190 million term loan due 2019. The additional senior debt lowers the recovery prospects for the senior secured facility. Accordingly, we have revised the recovery rating to '3' from '2', reflecting our expectations for meaningful (50% to 70%) recovery in the event of a payment default. World Kitchen has indicated that it will use proceeds from the proposed term loan add-on to fund a $54 million dividend to its owners. The senior secured facility also includes a $90
