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S&P boosts KB Home
S&P said it raised its ratings for KB Home and its senior unsecured notes to BB+ from BB.
“We believe KB Home will maintain debt to EBITDA of below 2x over the next 24 months. We forecast EBITDA interest coverage of 9x-10x by the end of fiscal 2024 based on the company's S&P Global Ratings-adjusted debt of approximately $1.2 billion. We forecast the company will generate EBITDA of $900 million-$950 million in fiscal 2024 and about $1 billion in fiscal 2025,” the agency said in a statement.
S&P said it forecasts closings to increase about 2%-3% in 2024 to about 13,500. “We also anticipate a modest increase in home prices, which when combined with higher closings will keep revenue flat to low single-digit percent growth year over year.”
The outlook is stable.
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