Fitch Ratings Confirms Kaufman & Broad's Investment Grade Rating

On August 29, 2024, Fitch Ratings confirmed Kaufman & Broad S.A.'s investment grade rating at “BBB-” with a stable outlook. This rating has remained unchanged since 2022.

The confirmation underscores the company's solid commercial and financial profile, demonstrating resilience during periods of low demand. Notably, Fitch highlighted the timely progress of the Gare d'Austerlitz project, Kaufman & Broad's largest non-residential project, showcasing effective project management.

The agency further emphasized that Kaufman & Broad maintains a net cash position, comfortably covering upcoming debt maturities. Supported by targeted pre-sales and limited working capital requirements, the company's financial standing contributes positively to its cash flow cycle.

Kaufman & Broad holds the distinction of being the only pure homebuilder in Europe with an investment grade rating. This confirmation by Fitch underscores the company's robust financial structure and its capacity to generate substantial cash flow, even in a challenging environment.