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Moody's downgrades Kennedy Wilson
Moody's Investors Service said it downgraded Kennedy-Wilson, Inc.'s corporate family rating and senior unsecured debt ratings to B2 from B1. In the same rating action, the agency lowered the speculative grade liquidity rating to SGL-3 from SGL-2.
Kennedy-Wilson, Inc. is a wholly-owned subsidiary of Kennedy-Wilson Holdings, Inc., which is not rated by Moody's.
“The ratings downgrades reflect deterioration in KW's credit metrics, including high leverage and weak fixed charge coverage, due to the current environment for commercial real estate. In the downgrades, Moody's also considered the challenges KW faces as it seeks to execute on non-core asset sales to deleverage and fund ongoing capital needs amid constrained transaction markets and lower property valuations for commercial real estate,” S&P said in a press release.
The rating outlook is stable.
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