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Fitch upgrades D.R. Horton
Fitch Ratings said it upgraded the ratings of D.R. Horton, Inc., including its issuer default rating to BBB from BBB-.
The agency also said it assigned a BBB rating to the company's $1.325 billion revolving credit facility that matures in 2023.
The outlook also was revised to stable from positive.
The upgrades reflect the company's strategy to strengthen its balance sheet and lower leverage through debt reduction and EBITDA growth, Fitch said.
The company is well positioned at this stage of the housing cycle to withstand a meaningful housing downturn so long as it adheres to its operating model, which allows the company to generate meaningful cash flow during a cyclical downturn, the agency said.
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