S&P raises Kennedy-Wilson Holdings

S&P said it raised its corporate credit rating on Kennedy-Wilson Holdings Inc. to BB+ from BB- and removed the rating from CreditWatch, where S&P placed it with positive implications on April 25. The outlook is stable.

At the same time, S&P raised its issue ratings on subsidiary Kennedy-Wilson Inc.’s (KW) unsecured notes to BB from BB- and assigned a 5 recovery rating, reflecting an expectation for modest recovery (10%-30%; rounded estimate: 10%) in the event of a default. We also removed the issue ratings from CreditWatch positive.

“Our two-notch upgrade of KWH follows the company's announcement that it would acquire the 76% of Kennedy-Wilson Europe plc (KWE) that it did not previously own and reflects our view of its strengthened business risk profile pro forma for the acquisition,” S&P said in a news release.

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