Moody’s Ratings downgraded a private credit fund managed by Future Standard and KKR to “junk,” citing a rise in troubled loans and persistently weak earnings.
In a March 23 report, the credit ratings agency cut the debt ratings of Future Standard and KKR Capital Corp by one notch, from Baa3 to Ba1. Moody’s said the fund’s underlying asset quality had deteriorated more sharply than that of its industry counterparts.
