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S&P lowers Kennedy-Wilson Holdings
S&P said it lowered its ratings for Kennedy-Wilson Holdings Inc. to BB- from BB, Kennedy Wilson Europe Real Estate plc's senior unsecured notes to BB from BB+, with the recovery rating remaining 2, Kennedy-Wilson Inc.'s senior unsecured notes to B+ from BB-, with the recovery rating remaining 5 and Kennedy-Wilson's preferred stock to B- from B.
An overall slowdown in the transaction market and decline in asset values, limiting gains on asset sales continue to plague Kennedy-Wilson, the agency noted.
“After generating $412.7 million of gains on real estate sales in its consolidated portfolio in 2021 and $338 million in 2020, Kennedy-Wilson generated just $103.7 million in 2022. Through the first three quarters of 2023, that figure is $138.6 million, an improvement from 2022 but well below historical levels,” S&P said in a press release.
As of Sept. 30, Kennedy-Wilson’s S&P Global Ratings-adjusted debt to EBITDA was 15.1x, down from 17.1x a year ago but substantially higher than 6.9x two years ago.
The outlook is negative.
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