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S&P ups D.R. Horton
S&P said it raised its corporate credit rating on D.R. Horton Inc. to BBB from BBB-. The outlook is stable.
At the same time, consistent with S&P’s issue-level rating methodology for investment-grade issuers, S&P raised the rating on the company's senior unsecured notes to BBB from BBB-.
“Our upgrade reflects our view that Horton's sales and EBITDA will show continued improvement over the next 24 months because of the continued stable to moderately improved market conditions in most of its markets. As a result, we expect consolidated revenues to reach about $18 billion in fiscal 2019, 12% higher than our expectations of about $16 billion in fiscal 2018,” S&P said in a news release.
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