WKI Holding Co. Inc. Outlook Is Revised To Stable From Negative On Improved Covenant Cushion

SAN FRANCISCO (Standard&Poor's) June 23, 2015--Standard&Poor's Ratings services revised the outlook to stable from negative and affirmed its 'B' corporate credit rating on Rosemount, Ill.-based WKI Holding Co. Inc. (World Kitchen) and the 'B' issue-level ratings on World Kitchen's $342 million senior secured facilities, which consist of a $90 million revolving facility due 2018 and a $252 million term loan due 2019. The recovery rating remains '3' (upper half of the range), indicating our belief that lenders could expect meaningful (50% to 70%, upper half of the range) recovery in the event of payment default or bankruptcy. "The outlook revision reflects our view of World Kitchen's improved cushion on its financial maintenance covenants and our forecast

...SAN FRANCISCO (Standard & Poor's) June 23, 2015--Standard & Poor's Ratings services revised the outlook to stable from negative and affirmed its 'B' corporate credit rating on Rosemount, Ill.-based WKI Holding Co. Inc. (World Kitchen) and the 'B' issue-level ratings on World Kitchen's $342 million senior secured facilities, which consist of a $90 million revolving facility due 2018 and a $252 million term loan due 2019. The recovery rating remains '3' (upper half of the range), indicating our belief that lenders could expect meaningful (50% to 70%, upper half of the range) recovery in the event of payment default or bankruptcy. "The outlook revision reflects our view of World Kitchen's improved cushion on its financial maintenance covenants and our forecast for the company to improve EBITDA and generate higher free operating cash flow," said Standard & Poor's credit analyst Beverly Correa. RELATED CRITERIA AND RESEARCH Related Criteria + Companies Owned By Financial Sponsors: Rating Methodology,...

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