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Fitch rates KB Home notes B+
Fitch Ratings said it assigned a B+ with recovery rating of RR4 to KB Home’s proposed offering of $250 million of senior unsecured notes due July 2023.
The new issue will be equal in right of payment with all other senior unsecured debt, Fitch said.
The proceeds will be used for general corporate purposes, including land acquisitions, development and possible debt redemption, the agency said.
The outlook is stable.
The ratings are based on the company’s geographic diversity, customer and product focus, conservative building practices and effective utilization of return on invested capital criteria as a key element of its operating model, Fitch said.
The company did a good job in reducing its inventory exposure and generating positive operating cash flow during the last severe industry downturn, the agency said.
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