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Fitch affirms Beazer Homes ratings, changes outlook

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Capital Markets View – January 2021


Fitch affirms Beazer Homes ratings, changes outlook

Fitch Ratings affirmed its issuer default rating on Beazer Homes USA Inc. at B- and changed the outlook to positive from stable.

The rating agency also affirmed the company's senior secured revolving credit facility at BB-/RR1, senior unsecured notes at B-/RR4 and junior subordinated notes at CCC/RR6.

Fitch attributed the B- issuer default rating to the company's higher leverage and other weaker credit metrics that provided a relatively thin cushion to absorb a housing downturn compared with most of its peers.

The positive outlook reflects the rating agency's expectations that Beazer's debt-to-EBITDA ratio will be roughly 8x by the end of fiscal year 2017 and 6.6x by the end of fiscal year 2018, and that the net debt-to-capitalization ratio will be about 64% by the end the current fiscal year and 60% by the end of fiscal year 2018.