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S&P cuts Kennedy Wilson Europe
S&P said it lowered its long-term corporate credit rating on Kennedy Wilson Europe Real Estate plc (KWE) to BB+ from BBB and removed it from CreditWatch with negative implications. The outlook is stable.
At the same time, S&P said it lowered its issue-level rating on KWE's unsecured bonds to BBB- from BBB and removed it from CreditWatch negative. The recovery rating is 2 (70%-90%; rounded estimate: 70%).
“The downgrade follows the closing of the acquisition of KWE by KWH, which will increase its participation in its subsidiary from 23.7% to 100%. KWE will no longer be listed in the U.K.,” S&P said in a news release.
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