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S&P ups WCI Communities debt, withdraws CCR
S&P said it raised its corporate credit and issue-level ratings on WCI Communities, Inc. to BB from B after the company was acquired by Lennar Corp. and removed the ratings from CreditWatch, where they were placed with positive implications on Sept. 22, 2016.
The recovery rating on the senior unsecured debt was revised to 3 from 2, reflecting an expectation of meaningful (50%-70%, higher half of the range) recovery in the event of default.
The agency subsequently withdrew the corporate credit rating following the closing of the transaction.
Because Lennar assumed WCI's outstanding debt, the issue-level ratings will remain in place.
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