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S&P affirms Stanley-Martin
Standard & Poor's said it affirmed its B+ corporate credit ratings on Stanley-Martin Communities LLC and its subsidiary, Stanley-Martin Financing Corp., as well as its B- rating on Stanley-Martin Communities LLC's senior subordinated debt.
The outlook is stable.
S&P notes that the ratings reflect Stanley-Martin's comparatively small and geographically concentrated market position in the still soft Washington, D.C., market, an aggressively leveraged balance sheet and uncertainty regarding whether an opportunistic growth posture at this point in the cycle will prove successful.
These weaknesses are somewhat mitigated by a 40-year operating history within a homebuilding market that, though currently soft and experiencing price corrections, continues to exhibit favorable longer-term fundamentals, the agency said.
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