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Prospect News home > News index > List of issuers K > Headlines for KKR Group Finance Co. X LLC > News item |
Fitch plans to rate KKR unit notes A
Fitch Ratings said it assigned KKR Group Finance Co. X LLC (Finance Co. X) an A long-term issuer default rating. The company is an indirect, debt-issuing subsidiary of KKR & Co. Inc. Concurrently, the agency said it expects to assign an A rating to the $750 million, 3.25% planned senior unsecured notes issued by Finance Co. X. The final maturity will be determined at the time of issuance.
“Finance Co. X's IDR is equalized with that of KKR and its subsidiary, KKR Group Partnership LP, which collects all of the firm's revenues and provide joint and several guarantees on all of KKR's outstanding debt. The rating on the proposed unsecured notes is equalized with KKR's existing unsecured debt, as the issuance will rank equally in the capital structure. The unsecured debt rating is equalized with KKR's long-term IDR, reflecting its fully unsecured funding profile and expectations for average recovery prospects of the notes under a stressed scenario,” Fitch said in a press release.
The proceeds are expected to be used for general corporate purposes.
The outlook is stable.
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