Fitch rates KKR Group notes A

Fitch Ratings said it expects to assign a rating of A to KKR Group Finance Co. III LLC’s new unsecured notes.

The issuance is a re-opening of the entity’s 5.125% notes due in 2044.

The outlook is stable.

The proceeds from the issuance are expected to be used for general corporate purposes, including to fund acquisitions and investments, seeding new fund strategies and potential acquisition opportunities, Fitch said.

The notes are expected to rank equally with existing notes issued from KKR Group Finance Co. LLC and KKR Group Finance Co. II LLC, the agency said.

KKR’s business model continues to evolve in a different manner relative to other alternative investment managers, Fitch said, as the firm increasingly uses its balance sheet to make investments and generate cash yield.

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