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Fitch: CalAtlantic notes BB-
Fitch Ratings said it assigned a BB- rating with recovery rating of RR4 to CalAtlantic Group, Inc.'s offering of $300 million aggregate amount of senior unsecured notes due in 2026.
The new issue will be equal in right of payment with all other senior unsecured debt, Fitch said.
CalAtlantic intends to use a portion of the proceeds to redeem the company's 10¾% senior notes due September 2016 and for general corporate purposes, the agency said.
The rating is based on the company's execution of its business model in the current recovering housing environment, along with its land policies and geographic diversity, Fitch said.
The rating also is supported by the company's improving credit metrics following the merger with the Ryland Group in 2015, the agency said.
Risk factors on the ratings include the cyclical nature of the homebuilding industry and the ongoing integration of Ryland, Fitch said.
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