S&P affirms Kaufman & Broad

Standard & Poor's said it affirmed its BB+ long-term corporate and BB senior unsecured credit ratings on Kaufman & Broad SA.

At the same time, S&P said it removed the ratings from CreditWatch with negative implications, where they had been placed on Oct. 26, the agency said.

The outlook is negative, reflecting that on Kaufman & Broad's parent company, KB Home (BB+/negative) and the rating actions reflect those taken on KB Home, the agency said.

S&P added that the ratings on Kaufman & Broad continue to reflect the group's narrow business focus, the property development industry's above-average risk profile - including high fragmentation, volume and price cyclicality and an inherently speculative element and heavy working-capital needs.

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