Moody’s ups KB Home

Moody's Investors Service said it upgraded KB Home's corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD and the rating on its senior unsecured notes to Ba3 from B1.

The company's speculative-grade liquidity rating was affirmed at SGL-2.

The outlook was changed to stable from positive.

The agency said the upgrade reflects KB Home's deleveraging accomplished through its debt reduction strategy, and Moody's expectation that the company will maintain conservative financial policies and continue to de-lever in line with its stated total debt to capitalization target of 35% to 45%, the agency said.

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