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S&P puts Kennedy-Wilson on watch
S&P said it placed all its ratings on Kennedy-Wilson Holdings Inc., including the BB+ issuer rating, on CreditWatch with negative implications.
“Leverage is elevated as a slowdown in transaction activity has resulted in a material decline to EBITDA. S&P Global Ratings-adjusted debt to EBITDA was 18.4x as of June 30, 2022, substantially higher than the range at which the company has historically operated (8.5x–10.5x over the last six years) and a near doubling from 9.6x as of year-end 2021,” the agency said in a press release.
Given the tough economic situation, it could be more difficult for Kennedy-Wilson to sell assets that would raise EBITDA and lower leverage to a level more commensurate with the BB+ rating, S&P said.
S&P said it aims to resolve the CreditWatch within the next two quarters.
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