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S&P: Lennar unchanged by add-on
Standard & Poor’s said the ratings on Lennar Corp. are not affected by the company’s plans to increase its $350 million 4½% senior notes due 2019 by about $150 million.
The proceeds will be used for working capital and general corporate purposes.
The company’s BB corporate credit rating reflects its fair business risk profile and significant financial risk profile, S&P said.
The stable outlook is based on an expectation that a healthier U.S. home construction industry will support stronger EBITDA with leverage of less than 4x, even as the company adds modest amounts of debt to support working capital needs, the agency said.
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