S&P assigns KB Home notes BB

S&P said it assigned BB issue-level and 3 recovery ratings to KB Home's expected $300 million of senior unsecured notes due 2031. The recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in default.

Proceeds and cash on hand are expected to be used to fully repay its outstanding $450 million of 7% senior unsecured notes, also rated BB with a 3 recovery rating, due in December.

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