Fitch lifts Ryland from junk

Fitch Ratings said it has upgraded Ryland Group Inc.'s senior unsecured debt and unsecured bank credit facility ratings to BBB- from BB+ and senior subordinated rating to BB+ from BB-.

The outlook was changed to stable from positive.

Fitch said the change reflects Ryland's solid, consistent, internally generated profit performance in recent years (as well as over the past decade), the successful execution of its business model, moderate financial policies and geographic and product line diversity.

Over recent years, Ryland has improved its capital structure, pursued conservative capitalization policies and has positioned itself to withstand a meaningful housing downturn. Risk factors include the inherent cyclical nature of the homebuilding industry.

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