Fitch affirms KKR

Fitch Ratings said it affirmed the long-term issuer default rating of KKR & Co. LP and its related subsidiaries at A. Fitch also affirmed subsidiary KKR Group Finance Co. LLC's senior debt at A.

The outlook is stable.

The affirmation reflects KKR's position as a global asset manager, experienced management team, solid investment track record, large institutional investor base, predictable fee-earning capabilities, given sizeable fee-paying assets under management and the potential for significant incentive income, the agency said.

The ratings also reflect the joint and several guarantees on unsecured debt at finance subsidiaries by KKR Management Holdings LP and KKR Fund Holdings LP, in addition to the subordination of general partner interests to outstanding debt of the consolidated company, the agency added.

The ratings are constrained by key man risk, reputational risk and legal and regulatory risk, Fitch said.

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