S&P: Beazer Homes USA Inc.'s Proposed $300 Million Senior Unsecured Notes Rated 'B-'
The company will use the proceeds to fund the repayment of its existing secured notes, with any remaining proceeds for general corporate purposes. Our corporate credit rating on Beazer reflects our view of the company's business risk as vulnerable, due largely to our view of the sector's cyclical nature and the company's relatively small platform compared with most public homebuilding peers. We assess the company's financial risk as highly leveraged, because debt to EBITDA was about 8x as of June 30, 2016. For more information, see the summary analysis on Beazer published June 30, 2016.
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