Kaufman & Broad SA: FITCH RATINGS CONFIRMS KAUFMAN & BROAD'S INVESTMENT GRADE RATING
Kaufman Broad SA Press release Press release Paris, 2024, August 29th
FITCH RATINGS CONFIRMS KAUFMAN BROAD'S INVESTMENT GRADE RATING
Fitch Ratings confirms Kaufman Broad S.A.'s investment grade rating * - "BBB-" with stable outlook. This rating has been constant since 2022.
Fitch Ratings, an American rating agency with an international vocation, rates companies on several criteria such as the nature of the debt held, or the capacity to carry out structural reforms.
For Fitch Ratings, the confirmation of the rating reflects Kaufman Broad's solid commercial and financial profile, which proves resilient during periods of low demand. Furthermore, Fitch also notes that the Gare d'Austerlitz project - the Company's largest non-residential project - remains on schedule with completion milestones, demonstrating effective project management. Finally, Fitch emphasizes that Kaufman Broad continues to maintain a net cash position, which comfortably covers all upcoming debt maturities.
This solid financial standing is supported by the company's targeted pre-sales and limited working capital requirements, which positively influence its cash flow cycle
Kaufman Broad is currently the only pure homebuilder in Europe with an Investment Grade rating. Fitch’s confirmation of this rating in a challenging environment highlights the company’s robust financial structure and its ability to generate substantial cashflow structurally.
* • An investment grade rating indicates that the company's debt has a relatively low risk of default.
This press release is available at www.kaufmanbroad.fr
Regulatory filing PDF file File: KBSA PR Investment Grade 2024 _VDEF UK |
1978075 29-Aug-2024 CET/CEST