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S&P revises KKR Financial view to negative
S&P said it placed its ratings on KKR Financial Holdings LLC (KFN) on CreditWatch with negative implications, consistent with the CreditWatch negative that currently applies to S&P’s ratings on KKR & Co. Inc. (KKR).
“When we placed KKR's ratings on CreditWatch negative on July 8, 2020, we erred in not taking the same action with respect to KFN's ratings,” S&P said in a news release. “Today's CreditWatch placement corrects this error in how we applied our ‘Group Rating Methodology’ criteria.”
S&P said its BBB issuer credit and senior unsecured debt ratings on KFN are unchanged.
“The CreditWatch negative reflects the possibility that we could lower the ratings on KKR upon the close of its acquisition of Global Atlantic (expected in early 2021); if we lower the KKR ratings, we likely would also lower our ratings on KFN.”
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