Fitch Ratings affirmed Taylor Wimpey PLC's long-term issuer default rating and senior unsecured rating at BBB-, and its short-term issuer default rating at F3, with a stable outlook.

The rating agency simultaneously withdrew the ratings for commercial reasons.

Fitch attributed the affirmation to the England-based homebuilder's sustained operational improvements in an undersupplied U.K. market and its conservatively managed balance sheet. The rating agency added that it believes the company will effectively manage housing cycles through forward sales and limited debt-funded land purchases.