S&P alters Kennedy-Wilson view to negative

S&P said it revised Kennedy-Wilson Holdings Inc.’s outlook to negative from stable.

“The negative outlook reflects our view that KWH’s credit metrics will remain under pressure over the next few quarters, given substantial EBITDA contraction from uncharacteristically low capital gains due to the slow volume of dispositions since the onset of the pandemic. As of June 30, 2020, debt to EBITDA rose above 11x, and we believe it could continue to trend higher unless transaction activity accelerates meaningfully,” S&P said in a press release.

KWH’s S&P issuer rating is BB+.

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