Moody’s turns KKR trust view to negative

Moody's Investors Service said it affirmed KKR Real Estate Finance Trust Inc.'s Ba3 corporate family rating, KREF Holdings X LLC's Ba3 backed senior secured bank credit facility rating and changed the outlook to negative from stable.

“The change in outlook to negative reflects the continued deterioration in KREF's loan performance, operating losses, and declining capitalization. The ratio of problem loans to gross loans, which measures the proportion of portfolio with the weakest internal risk rating (i.e., risk-rated 5) grew to 6.88% as of Dec. 31, 2023, up from 6.24% as of Sept. 30, 2023, and 6.55% as of Dec. 31, 2022. KREF also has four loans risk-rated 4 (4.4% of gross loans), including three multifamily properties and one office property,” Moody’s said in a press release.

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