S&P lifts Kennedy-Wilson view to positive

Standard & Poor’s said it revised the outlook on Kennedy-Wilson Holdings Inc. to positive from stable.

The agency also said it affirmed the company’s BB- issuer credit and senior unsecured debt ratings.

The outlook revision reflects an expectation that Kennedy-Wilson will continue to expand its more stable sources of revenue through asset-management fees and rental income on properties owned and, over time, become less reliant on investment gains, S&P said.

During the first-quarter of 2015, the company generated operating income of $27.5 million, primarily because of rental and other fee-based revenues, the agency said.

The company has successfully timed and executed its investment strategy over the past five years – sourcing investments and raising capital at a pace that would normally be associated with a larger and more established firm, S&P said.

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