Moody's gives FS KKR Capital note Baa3

Moody's Investors Service said it assigned a Baa3 rating to the $475 million of senior unsecured notes due February 2025 issued by FS KKR Capital Corp. II (FSKR) in February 2020. The notes were assumed by FS KKR Capital Corp. (FSK), an affiliated business development company, when FSKR was merged with FSK on June 16. FSK's Baa3 long-term issuer and senior unsecured ratings are not affected; the company's outlook is stable.

“Moody's assigned a Baa3 rating to the senior unsecured notes based on the priority of the notes in FSK's capital structure after its merger with FSKR. Under the terms of a second supplemental indenture for the senior notes, FSK has assumed the due and punctual payment of the principal and interest on the notes, as well as the due and punctual performance and observance of every covenant and condition of the notes' indentures. As a result, the senior unsecured notes are pari passu with the existing senior unsecured notes issued by FSK prior to its merger with FSKR,” the agency said in a press release.

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