S&P pulls KKR Financial from watch

S&P said it affirmed KKR Financial Holdings and its senior unsecured BBB ratings and removed them from CreditWatch with negative implications. The outlook is stable.

The affirmation and watch removal follow S&P’s similar action the company’s parent KKR & Co. on Wednesday. KKR recently completed its acquisition of Global Atlantic Financial Group Ltd.

“The stable outlook reflects our expectations that the company will maintain leverage, as measured by debt to adjusted total equity, below 1x over the next 12-24 months. Further, our base-case expectation is that KFN’s portfolio performance continues to improve and the company maintains adequate covenant cushions,” S&P said in a press release.

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