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S&P lifts Lennar, debt to BB+
S&P said it raised the corporate credit rating on Lennar Corp. to BB+ from BB and the issue-level rating on its debt to BB+ from BB. The recovery rating is unchanged at 3, indicating an expectation of meaningful (50% to 70%, rounded estimate: 65%) recovery in the event of payment default.
The outlook is stable.
“We are raising our rating on Lennar based on our assessment of the company's key business drivers relative to peers, particularly the company's profitability,” the agency said in a news release.
“In addition, Lennar's debt leverage continues to improve as the company bolsters earnings and capital, providing some cushion at the BB+ rating for an inevitable downturn in homebuilding or for debt-funded initiatives.”
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