HOV - Hovnanian Enterprises Announces Credit Rating Upgrade From S&P Global Ratings | Benzinga
MATAWAN, N.J., June 12, 2024 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national homebuilder, today announced that S&P Global Ratings ("S&P") has upgraded Hovnanian's issuer credit rating to ‘B' from ‘B-' citing better than expected debt leverage, sustained community count growth, steady demand in home sales and a focus on cash flow management, which will allow the company to grow the business through internally generated cash flows as contributing factors in a press release issued on June 11, 2024. S&P's outlook for Hovnanian is stable.
"The ratings upgrade from S&P is a testament to our strong operating results and our commitment to repairing our balance sheet through a combination of solid equity growth and a $741 million reduction in debt over the past several years," stated Brad G. O'Connor, Chief Financial Officer and Treasurer. "While we remain committed to enhancing our balance sheet and improving our credit metrics going forward, the primary driver of future improvements will be revenue growth which will facilitate achieving economies of scale and higher levels of profitability. Current trends in the homebuilding market remain positive and we are optimistic that we will continue to deliver top-tier industry returns to our shareholders."
ABOUT HOVNANIAN ENTERPRISES, INC.:
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes are marketed and sold under the trade name K. Hovnanian® Homes. Additionally, the Company's subsidiaries, as developers of K. Hovnanian's® Four Seasons communities, make the Company one of the nation's largest builders of active lifestyle communities.
Additional information on Hovnanian Enterprises, Inc. can be accessed through the "Investor Relations" section of the Hovnanian Enterprises' website at http://www.khov.com. To be added to Hovnanian's investor e-mail list, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.
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