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S&P lifts AV Homes notes
S&P said it affirmed the B- corporate credit rating on AV Homes Inc.
The outlook is stable.
The agency also said it raised the rating on the company's senior unsecured notes to B from B- and revised the recovery rating on the notes to 2 from 3.
The 2 recovery rating indicates 70% to 90% expected default recovery.
The stable outlook reflects an expectation that AV Homes will control sufficient land and liquidity to expand its homebuilding platform and generate meaningful EBITDA growth over the next year, S&P said.
The agency said it expects the company’s debt-to-EBITDA ratio to improve, but remain at more than 5x.
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