Moody's rates WCI notes B3

Moody's Investors Service said it assigned WCI Communities, Inc. a B3 corporate family rating, a B3-PD probability of default rating, a B3 rating to the company's proposed $200 million senior unsecured notes due 2021 and an SGL-2 speculative grade liquidity rating.

The outlook is stable.

Moody's said the B3 corporate family rating reflects WCI's small size and scale compared to its nationally diversified public peers who are able to benefit from higher operating efficiencies and purchasing economies of scale. The rating is also constrained by the company's 100% concentration in the Florida markets, limited time in its current post-bankruptcy configuration, and weak interest coverage metrics, the agency said.

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