S&P upgrades Century Communities

S&P said it raised its corporate credit rating on Century Communities Inc. to B+ from B.

The outlook is stable.

At the same time, the agency raised its issue-level rating on the company's senior unsecured notes to B+ from B. The 3 recovery rating remains, indicating an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default.

S&P said the upgrade reflects Century Communities' completed integration of UCP Inc. and its expanded size and geographic diversity following the acquisition.

In addition, the agency said it believes that the company's entry into the California and Pacific Northwest markets has enhanced the attractiveness of its overall market mix and provided it with positions in some otherwise land-constrained areas.

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