Moody's rates Kennedy Wilson, notes B1

Moody's Investors Service said it assigned a first-time rating of provisional B1 to the proposed $200 million of senior unsecured notes due 2019 issued by Kennedy Wilson, Inc., a wholly owned subsidiary of Kennedy-Wilson Holdings, Inc.

The agency also said it assigned the company a B1 corporate family rating.

The outlook is stable.

The notes will rank pari passu with other unsecured debt.

The proceeds will be used to pay down about $78 million of corporate debt, with the remainder to be utilized for future acquisitions and co-investments and general corporate purposes, Moody's said.

The ratings reflect the company's vertically-integrated operating platform, which differentiates its investment proposition for investors, the agency said, and its long-standing network of relationships that generates investment opportunities for the company and its capital partners.

These strengths are counterbalanced by the company's material geographic concentration, with investments in California, Tokyo and Hawaii, Moody's said.

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