WKI Holding Co. Inc. Outlook Revised To Negative On Expected Thin Covenant Cushion; Corporate Credit Rating Affirmed - S&P Global Ratings’ Credit Research

WKI Holding Co. Inc. Outlook Revised To Negative On Expected Thin Covenant Cushion; Corporate Credit Rating Affirmed

WKI Holding Co. Inc. Outlook Revised To Negative On Expected Thin Covenant Cushion; Corporate Credit Rating Affirmed - S&P Global Ratings’ Credit Research
WKI Holding Co. Inc. Outlook Revised To Negative On Expected Thin Covenant Cushion; Corporate Credit Rating Affirmed
Published Aug 26, 2014
1430 words — Published Aug 26, 2014
Price US$ 150.00  |  Buy this Report Now

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Abstract:

We estimate U.S.-based kitchenware manufacturer and distributor WKI Holding Co. Inc.'s total net leverage covenant cushion could remain below 10% for the quarter ended September 2014, reflecting earnings that were more volatile than we expected earlier in 2014. We are affirming the corporate credit rating at 'B', and affirming the issue-level rating on the senior secured notes at 'B'. The recovery rating is unchanged at '3'. We are revising the outlook to negative, reflecting our expectation that covenant cushion could remain below 15% during its peak seasonal working capital quarters given the ongoing step-downs in the company's covenant schedule. CHICAGO (Standard&Poor's) Aug. 26, 2014--Standard&Poor's Ratings Services affirmed its corporate credit rating on Rosemont, Ill.-based WKI Holding

  
Brief Excerpt:

RESEARCH WKI Holding Co. Inc. Outlook Revised To Negative On Expected Thin Covenant Cushion; Corporate Credit Rating Affirmed Publication date: 26-Aug-2014 Primary Credit Analyst: Stephanie L Harter, Chicago (1) 312-233-7053; stephanie.harter@standardan...

  
Report Type:

Ratings Action

Ticker
10045Z
Issuer
Instant Brands Holdings Inc.
GICS
Housewares & Specialties (25201050)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "WKI Holding Co. Inc. Outlook Revised To Negative On Expected Thin Covenant Cushion; Corporate Credit Rating Affirmed" Aug 26, 2014. Alacra Store. May 23, 2025. <http://www.alacrastore.com/s-and-p-credit-research/WKI-Holding-Co-Inc-Outlook-Revised-To-Negative-On-Expected-Thin-Covenant-Cushion-Corporate-Credit-Rating-Affirmed-1355263>
  
APA:
S&P Global Ratings’ Credit Research. (). WKI Holding Co. Inc. Outlook Revised To Negative On Expected Thin Covenant Cushion; Corporate Credit Rating Affirmed Aug 26, 2014. New York, NY: Alacra Store. Retrieved May 23, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/WKI-Holding-Co-Inc-Outlook-Revised-To-Negative-On-Expected-Thin-Covenant-Cushion-Corporate-Credit-Rating-Affirmed-1355263>
  
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