S&P: Kaufman & Broad up to positive

Standard & Poor's said it revised its outlook on Kaufman & Broad SA to positive from stable, reflecting the company's continued solid business and financial performance.

At the same time, the BB long-term corporate credit and BB- senior unsecured debt rating on Kaufman & Broad were affirmed.

The outlook revision follows continued stability in the company's operating performance, owing to the group's robust planning and monitoring procedures as well as favorable residential market development in France, according to S&P.

It also reflects S&P's expectation that the group's financial profile will strengthen again after the recent deterioration triggered by the €85 million debt and cash-financed purchase of future royalties due to its U.S. parent KB Home (BB+/stable/--).

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