S&P upgrades Toll Brothers from junk

S&P said it raised its issuer credit rating on Toll Brothers Inc. to BBB- from BB+, thereby moving the rating into investment grade.

At the same time, S&P raised its rating on the company’s issue-level debt to BBB- from BB+.

The outlook is stable.

Toll Brothers has maintained positive operating momentum despite uncertain macro dynamics, with debt to EBITDA sustained well below S&P’s 3x upgrade threshold while EBITDA margins remained stable in the 18%-19% range for the last four quarters, the agency said in a news release.

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