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S&P rates KKR Group Finance notes A
S&P said it assigned its A issue rating on KKR Group Finance Co. VII LLC’s $500 million of 3.625% senior unsecured notes due Feb. 25, 2050. KKR Group Finance Co. VII LLC is an issuing subsidiary of KKR & Co. Inc. S&P’s issuer rating on KKR & Co. is an A with a stable outlook.
KKR & Co. and KKR Group Partnership LP guarantee the notes on a joint and several basis, in line with KKR’s other senior notes.
KKR intends to use the proceeds for general corporate purposes. S&P forecasts KKR’s leverage to be between 1x and 1.5x in 2020, which is below the agency’s 1.75x trigger for a downgrade.
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