Fitch Ratings Affirms NVR's IDR At 'BBB+'; Outlook Stable

(RTTNews) - Fitch Ratings said Monday that it has affirmed the ratings for NVR, Inc. (NVR), including the company's Issuer Default Rating at 'BBB+'.

The Rating Outlook is Stable.

Fitch said the rating and Outlook for NVR reflect the strong credit protection measures, solid free cash flow generation and balance sheet liquidity that results from its unique operating model. The ratings also reflect NVR's capacity to withstand a meaningful housing downturn and manage effectively in an often challenging housing environment. The cyclical nature of homebuilding is reflected in the ratings as is NVR's relatively heavy exposure to the Washington D.C. and Baltimore markets. Fitch also took into account NVR's track record through the past few recessions, and its, at times, active share repurchase program.