The ratings agency lowered New Era’s issuer credit rating to B from B+ and the rating on its first-lien term loan due in 2027 to B+ from BB-, following the issuance of new preferred stock to PE firm ACON Investments. The outlook is stable. Current CEO Chris Koch, the fourth-generation of the company’s founding family, retains majority control, S&P said, but ACON has raised its stake ... Log in to view full article.