S&P rates Kennedy Wilson BBB

Standard & Poor’s said it assigned a BBB long-term corporate credit rating to Kennedy Wilson Europe Real Estate plc.

The outlook is stable.

The ratings reflect the company’s satisfactory business risk profile, which is supported by long leases, high occupancy rates and good asset- and tenant-diversity, S&P said.

The agency said it views positively the company’s strategy of long-term ownership of properties with negligible development activities.

Good growth prospects are expected from the company’s strategy of investing and refurbishing formerly undermanaged or highly leveraged assets, S&P added.

Tempering the business risk assessment is a view of the company’s average asset quality and partial exposure to more economically sensitive secondary markets, the agency said.

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