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S&P revises Tri Pointe Homes view to stable
S&P said it revised Tri Pointe Homes Inc.’s outlook to stable from negative and affirmed its ratings, including the BB- senior notes rating.
“Rising cash flows are improving Tri Pointe’s balance sheet. The company finished 2020 with about $620 million in cash, which was nearly double than the previous year. Thanks to a combination of surging profits and reduced land investment, last year’s free operating cash flow (FOCF) of $568 million reached 40% of its debt,” S&P said in a press release.
“The stable outlook reflects the likelihood that Tri Pointe will trim debt to EBITDA closer to 2x over the next 12 months,” the agency said.
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