Moody's upgrades Taylor Morrison

Moody's Investors Service said it upgraded the rating of the senior unsecured notes of Taylor Morrison Communities, Inc. to Ba3 (LGD 4) from B1 (LGD 4).

Taylor Morrison Communities is the indirect, debt-issuing subsidiary of Taylor Morrison Home Corp.

Moody's also said it affirmed the company's Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-2 speculative grade liquidity rating.

The outlook is stable.

The ratings reflect the company's relatively strong credit metrics, including an adjusted pro forma debt leverage of about 46% as of June 30, Moody's said.

The company has made great strides in increasing its size and scale since Moody's first rated the company in 2012, the agency said.

The company is exhibiting good momentum, which portends decent revenue and earnings growth into 2019, Moody's said.

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