KBRA rates Preston Hollow notes BBB

KBRA said it assigned a BBB rating to the $230 million of unsecured notes issued by PHCC LLC (Preston Hollow Community Capital and, together with Preston Hollow Capital, LLC, Preston Hollow), a wholly owned subsidiary of Preston Hollow Capital, LLC.

The rating is equalized with the issuer rating reflecting the company, KBRA said.

Preston Hollow will use the proceeds for general corporate purposes, including new investments with a 25%-50% for dividend distribution.

The outlook is stable.

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