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S&P turns D.R. Horton view to positive
S&P said it revised its D.R. Horton Inc.’s outlook to positive from stable and affirmed its BBB ratings.
“We expect D.R. Horton to benefit from hard-learned lessons from the housing crisis. Our forecast of about $5.5 billion in EBITDA is more than double DHI's prior-cycle peak of about $2 billion in 2005 and 2006. Yet despite 60% more consolidated lots than it had in 2006, we think the company will finish fiscal 2021 at less than half the net debt than it had in 2006, the final year before profits turned to losses. We attribute most of this improvement to better financial discipline, indicated by its continuing shift to asset-light, and a reduction in debt,” the agency said in a press release.
S&P said it sees D.R. Horton’s debt to EBITDA staying solidly below 1x.
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