Moody's upgrades Kennedy-Wilson

Moody's Investors Service said it upgraded the senior unsecured debt rating on Kennedy-Wilson, Inc. to B1 from B2, along with its corporate family rating to B1 from B2.

The agency also said it assigned a speculative grade liquidity rating of SGL-2.

The outlook also was revised to stable from positive.

Kennedy-Wilson is a wholly owned subsidiary of Kennedy-Wilson Holdings, Inc.

The upgrade reflects Kennedy-Wilson's successful integration of Kennedy Wilson Europe Real Estate plc, increased scale and meaningfully larger earnings base, Moody's said.

The upgrade also considers the company's reduced geographical and asset concentrations, along with its improved liquidity position, the agency said.

Given the significant cash outlay for the acquisition of Kennedy Wilson Europe, the upgrade also considers Kennedy-Wilson's ability to rebuild its cash position through asset sales and an increase in its lines of credit borrowing, Moody's said.

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