KKR Real Estate Finance Trust Inc. — Moody’s assigns first-time Ba2 backed senior secured rating to KKR Real Estate Finance Trust’s Term Loan B; outlook stable

Rating Action: Moody’s assigns first-time Ba2 backed senior secured rating to KKR Real Estate Finance Trust’s Term Loan B; outlook stable

New York, July 27, 2020 — Moody’s Investors Service, (“Moody’s”) has assigned a first-time Ba3 corporate family rating to KKR Real Estate Finance Trust Inc. (KREF) and a backed Ba2 rating to the company’s senior secured term loan B, issued by subsidiary KREF Holdings X LLC. The outlook for both entities is stable.

The rapid and widening pandemic and corresponding deterioration in the global and US economic outlooks are leading to significant declines in commercial activity, eroding the financial strength of a wide swath of enterprises, including commercial real estate owners and operators, the subject of KREF’s lending activities. As a result, Moody’s expects deterioration in asset quality, profitability and capital in 2020 across the non-bank commercial real estate lending sector.

KREF’s Ba3 corporate family rating reflects the company’s … Read More

Mohawk Industries, Inc. — Moody’s

Announcement: Moody’s – Mohawk Industries Inc.: Allegations of accounting improprieties are credit negative

Global Credit Research – 13 Jul 2020

New York, July 13, 2020 — Moody’s Investors Service, (Moody’s) commented that allegations against Mohawk Industries, Inc (Mohawk) of channel stuffing and intentionally overproduced product are credit negative and suggest aggressive business practices and potential corporate governance weaknesses. However, because the company has good liquidity bolstered by recent debt offerings and the allegations will take time to litigate, there is no impact on the company’s Baa1 senior unsecured rating and stable outlook.

For further information please see Moody’s Issuer Comment on Mohawk Industries, Inc. at www.moodys.com

Headquartered in Calhoun, Georgia, Mohawk is a leading producer of floor covering products for residential and commercial applications. Brands include Mohawk, Unilin, Karastan, Lees, Bigelow, Dal-Tile, American Olean, Pergo, Marazzi and Quick-Step. Revenues for the publicly-traded company are approximately $10.0 billion.

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