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Fitch affirms Lennar ratings

Fitch Ratings affirmed Lennar Corp.'s ratings, including its long-term issuer default rating, andmaintained the company's outlook at positive.

Lennar's strong track record over more than 36 years, itsproduct and customer focus, its geographic diversity and its effective use ofreturn-on-invested-capital criteria as a key component of its operating modelsupported the company's ratings.

The positive outlook, meanwhile, takes into accountfavorable housing sector prospects through the rest of 2016 and during 2017,Lennar's solid liquidity position, its operating performance from 2014 topresent and its projected financial ratios for the full-year 2016 and 2017,according to the rating agency.

Fitch noted that Lennar's ratings and outlook are notaffected by the company's planned buyout of WCI Communities Inc., although it expects thetransaction to boost Lennar's leverage levels.

Other ratings affirmed by Fitch are Lennar's BB+/RR4 seniorunsecured debt and BB+/RR4 unsecured revolving credit facility ratings.