Fitch affirmed the ratings of NVR Inc., including its issuer default rating at BBB+, with a stable outlook.

According to a note, the ratings reflect the homebuilder's robust credit protection measures, strong free cash flow generation and its balance sheet liquidity, stemming from a distinctive operating model that allows it to endure significant housing slumps in an often challenging housing environment.

Fitch said the ratings also reflect the cyclical nature of homebuilding, along with NVR's relatively heavy exposure to the Washington, D.C., and Baltimore markets.