Moody's: M.D.C. outlook stable

Moody's Investors Service said it revised the outlook of M.D.C. Holdings, Inc. to stable from negative and affirmed the Baa3 rating on the company's four issues of senior unsecured notes.

The outlook revision reflects the fact that MDC has done a good job of managing its operations and balance sheet through an extremely challenging period and is poised to grow sales and improve margins in 2010, the agency said.

The Baa3 rating considers MDC's strong liquidity position, conservative land strategy and its possession of one of the cleanest, most transparent balance sheets in the industry, the agency said.

Ratings balance the company's large cash position and cash generation track record against expectation that its future cash flow generation will fall from prior robust levels, the agency noted.

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