Fitch affirms M.D.C

Fitch Ratings said it affirmed M.D.C. Holdings, Inc.'s issuer default rating at BBB- and senior unsecured debt rating at BBB-.

The outlook is stable.

The ratings and outlook are based on the company's execution of its business model in the current challenging housing environment and cautious land policies, Fitch said.

The company has noticeably improved its capital structure, pursued conservative capitalization policies and has positioned itself to withstand the sharp housing correction, the agency said.

Risk factors include the cyclical nature of the homebuilding industry and the continued pressure on company profitability, Fitch said.

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