Moody's trims KREF secured rating to Ba3

Moody's Investors Service said it downgraded KREF Holdings X LLC's senior secured credit rating to Ba3 from Ba2. The agency also affirmed KKR Real Estate Finance Trust Inc.'s (KREF) Ba3 corporate family rating (CFR). The outlook remains stable.

“The downgrade of the long-term senior secured rating to Ba3 from Ba2 follows increased borrowing on secured lending facilities relative to unsecured obligations. The declining proportion of unsecured debt in the capital structure no longer provides as much protection to senior secured creditors,” Moody’s said in a press release.

The outlook is stable.

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