Fitch Ratings affirmed its BBB+ ratings on homebuilder NVR Inc., with a stable outlook.

The affirmation pertains to the company's long-term issuer default rating and long-term senior unsecured rating, among other ratings.

The rating agency said the ratings factor in, among other things, the homebuilder's solid credit metrics and its free-cash-flow generation that stems from its unique operating model.

Fitch added that NVR's land-light strategy via rolling options contracts provides it with the "best capacity to withstand a meaningful housing downturn" among its peers.