S&P ups Weekley Homes

S&P said it upgraded the ratings on Weekley Homes LLC and its senior unsecured notes by one notch, to BB- from B+. The 3 recovery rating is unchanged.

“The upgrade on Weekley Homes reflects a credit profile that’s solidly improved. We think the company will report continuing revenue gains combined with margins that stay around recently improved levels. Thus, higher resulting EBITDA should support estimated interest coverage ratios above 5x in the recently completed 2019, with debt to EBITDA that remains at or below 3x going forward,” said S&P in a press release.

The outlook is stable.

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