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S&P revises Shea Homes outlook, affirms ratings

S&P Global Ratings revised its outlook on Shea Homes LP to negative from stable amid weakening credit profile brought on by the coronavirus pandemic.

The rating agency affirmed the B+ issuer credit rating on the Walnut, Calif.-based homebuilder and the BB- issue-level rating on Shea Homes' senior unsecured notes.

The outlook revision was due to the expected further decline in the company's EBITDA amid solid decline in revenue and slightly lower margins.

Ratings projects Shea Homes' debt to EBITDA to climb to just over 5x, a threshold established for a downgrade.

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This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.