Moody’s cuts rating on private credit fund run by KKR and Future Standard to junk as bad loans grow

Key Points

Moody’s Ratings downgraded a private credit fund run by KKR and Future Standard to junk amid rising bad loans and a string of weak earnings.
The ratings firm lowered the debt ratings of FS KKR Capital Corp one notch to Ba1 from Baa3 — pushing it into “junk” territory.
Moody’s said the fund’s underlying asset quality had worsened more than its peers.
Non-accrual loans, meaning borrowers who have stopped making payments, climbed to 5.5% of total investments at the end of 2025, one of the highest rates among rated BDCs, according to the report.

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