Moody's upgrades Kaufman & Broad

Moody's Investors Service said it upgraded the corporate family rating of Kaufman & Broad SA to Ba1 from Ba2 and the rating on its €150 million senior unsecured notes due 2009 to Ba2 from Ba3 due to the group's solid operating and financial performance.

The outlook is stable.

The agency said the upgrade reflects Kaufman & Broad's solid operating performance, as evidenced by rising net orders, a robust gross margin and an all-time high backlog of €1.15 billion at Nov. 30, equivalent to 11.5 months of activity; the group's ongoing geographic diversification resulting in a more balanced split of activities between the Ile-de-France region and the other regions, with the latter accounting in 2006 for nearly two-thirds of total orders; and its strong financial metrics, which Fitch expects to be maintained around current levels going forward.

© 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.