WASHINGTON (dpa-AFX) - Fitch Ratings said Tuesday that it has affirmed its ratings for Standard Pacific Corp. (SPF), including the company's Issuer Default Rating at 'B-'. The Rating Outlook is Stable.
Fitch said the rating and Outlook for SPF is influenced by the company's execution of its business model, relatively aggressive land acquisition strategy, geographic and product line diversity and healthy liquidity position.
While Fitch expects somewhat better prospects for the housing industry this year, there are still challenges facing the housing market, which are likely to meaningfully moderate the early stages of the recovery.
Nevertheless, SPF has the financial flexibility to navigate through the still difficult market conditions and continue to invest in land opportunities to fuel growth in the coming years, the rating agency noted.
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