S&P changes William Lyon to stable

S&P said it affirmed its B- corporate credit rating and senior unsecured debt ratings on William Lyon Homes Inc. and revised the outlook to stable from positive.

The recovery rating remains 3 (50%-70%), but with revised expectations that recovery prospects would be at the higher end of the range.

"We revised the outlook to stable from positive based on our view that William Lyon Homes will not meet its leverage target for 2016," S&P credit analyst Thomas O'Toole said in a news release.

"However, we expect the company to continue to grow its platform based on its large backlog and several years of land supply in land constrained markets that will drive continued EBITDA growth over the next 12 months."

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