Moody's ups Century, rates notes Ba3

Moody's Investors Service said it upgraded Century Communities, Inc.'s corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD, and senior unsecured notes to Ba3 from B1. The agency also assigned a Ba3 rating to Century's planned $400 million senior unsecured note offering due 2029, the proceeds of which will be used to retire the unsecured notes due 2025.

The outlook was changed to stable from positive. The company's SGL-2 speculative grade liquidity rating was maintained.

The upgrade reflects Century's stronger credit metrics, which Moody's expects to be maintained over the next 12 to 18 months, the agency said.

"Moody's expects the company to operate conservatively, maintaining its debt leverage below 40% and exercising prudent strategies with respect to shareholder returns and acquisitions, and benefit from strong demand for first-time homes," said Natalia Gluschuk, a Moody's vice president and senior analyst, in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.