Fitch leaves KB Home ratings unchanged |
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Published
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Thu, 17 May 2007 23:30
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CHICAGO (AP) - Fitch Ratings on Thursday left unchanged its ratings on debt issued by KB Home after the homebuilder said it was in exclusive talks to sell its stake in a French builder.But Fitch said any changes in the ratings for the company will depend on how it uses any proceeds and free cash flow in the current year.KB said PAI Partners offered more than $800 million for its 49 percent stake in Kaufman & Broad SA. The unit delivered 69 percent of KB's pretax construction income in 2006, according to Fitch.Fitch has the company's default rating at 'BB+.' The outlook for any potential changes to the ratings is currently at 'stable.'KB Home shares fell 1 cent to $44.61 in electronic after-hours trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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