S&P rates KB Home notes BB-

S&P said it assigned its BB- issue-level rating and 3 recovery rating to KB Home's proposed $300 million senior notes due in 2029. The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default.

S&P said it expects the company to use the proceeds from these notes to repay most of its $350 million outstanding 8% senior notes due March 2020.

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