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S&P upgrades WCI Communities
Standard & Poor’s said it raised its corporate credit rating on WCI Communities Inc. to B from B-. The outlook is stable.
At the same time, S&P raised the issue-level rating on the company’s existing senior unsecured notes to B+ from B. The 2 recovery rating on the notes is unchanged, indicating an expectation of substantial (lower end of the 70% to 90% range) recovery in the event of default.
The B corporate credit rating reflects S&P’s view that WCI has a “vulnerable” business risk profile and an “aggressive” financial risk profile.
“The upgrade reflects an improvement in operating performance and key credit measures, including leverage falling below 5x EBITDA,” said S&P credit analyst Thomas O’Toole in a news release. “We expect these improvements to be sustained as the housing market continues to recover.”
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