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S&P turns Tri Pointe view to positive
S&P said it changed Tri Pointe Homes Inc.’s outlook to positive from stable and affirmed its BB- ratings on the company and its senior unsecured notes.
“We expect 2021 and 2022 EBITDA will have more than doubled from pre-pandemic levels (2019). These outsized gains are largely due to EBITDA margins that we think will jump another 400 basis points (bps) in 2021, after climbing more than 300 bps in 2020. Strength across large markets in TPH's West segment (e.g., California, Arizona), which contributes most revenues and profits, is the key driver of the wider gross and EBITDA margins we project (to about 29% and 21% in 2021, respectively). TPH's profitability, in terms of EBITDA margins, now ranks among the highest of all builders we rate.,” S&P said in a press release.
The agency said it sees TPH’s debt to EBITDA retreating below 2x through 2022.
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