KKR-Backed Masonite Downgraded on Missed Debt Payment

Masonite International Corp., a door manufacturer owned by KKR, missed a $42 million interest payment of subordinated notes due last Wednesday, partially prompting S&P to lower its corporate rating from CC to D. Moody’s followed by lowering its corporate rating to Caa3 from Caa1, and its probability of default rating to Ca from Caa2.

KKR acquired Masonite in 2004 for C$3.1 billion, and holds some of its debt via KKR Financial. www.kkr.com