Fitch affirms Taylor Wimpey

Fitch Ratings said it affirmed Taylor Wimpey plc's long-term issuer default rating at B, short-term issuer default rating at B and senior unsecured rating at B-.

The outlook is stable.

The company currently has more than £1.9 billion of debenture loans and revolving credit facilities that need to be refinanced before maturity in July 2012, Fitch said.

The company expects net debt to be less than £650 million in the first half of 2010, but the ratings remain constrained by concerns that it may not be sufficiently cash generative over the coming two years to refinance what the agency said it estimates to be a funding requirement of £1 billion to £1.3 billion.

Market conditions and lending appetite will affect the company's ability to further de-leverage ahead of the critical refinancing in 2012, Fitch added.

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