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S&P rates KKR convertible preferreds BBB+
S&P said it assigned its BBB+ issue rating to KKR & Co. Inc.'s proposed mandatory convertible preferred stock.
The size of the issuance will be determined by market conditions.
The issuer credit rating on KKR is A and is on CreditWatch with negative implications as of July 8, following the announcement of the acquisition of Global Atlantic Financial Group.
“We view the company's proposed MCPS as hybrid capital with high (100%) equity content. In our assessment, we take into account that the issue converts into common equity in three years, the price is not lower than KKR's share price at the time of the issue, and we do not expect the company to undermine the conversion benefit through subsequent stock repurchases,” S&P said in a news release.
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