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Prospect News home > News index > List of issuers K > Headlines for KKR Group Finance Co. XI LLC > News item |
Fitch plans to rate KKR notes A
Fitch Ratings said it assigned KKR Group Finance Co. XI LLC an A long-term issuer default rating and expects to rate its planned senior unsecured notes A. Finance Co. XI is an indirect, debt-issuing subsidiary of KKR & Co. Inc. The amount, coupon and final maturity are to be determined.
Finance Co. XI's IDR is equalized with that of KKR and its subsidiary, KKR Group Partnership LP, which collect all the firm's revenues and provide guarantees on all 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, including to fund potential acquisitions and investments in Japan.
The outlook is stable.
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