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Moody's affirms M.D.C. Holdings ratings

Moody's affirmed its ratings on homebuilder M.D.C. Holdings Inc., including its corporate family rating at Ba2.

The outlook is stable.

The rating agency said the Ba2 rating takes into account the company's conservative financial policy and commitment to deleveraging the balance sheet. It noted that M.D.C. maintained a build-to-order strategy that limits the buildup of excessive land inventory.

The stable outlook is based on the rating agency's expectations that underlying fundamentals in the homebuilding sector will stay healthy over the next 12 to 18 months and will aid in M.D.C's organic growth and operating performance.

Other ratings affirmed by Moody's include M.D.C.'s probability of default rating at Ba2-PD, senior unsecured debt rating at Ba2 (LGD4) and speculative grade liquidity rating at SGL-2.