OREANDA-NEWS. S&P Global Ratings said today that it assigned its 'BBB+' issue-level rating (the same as the corporate credit rating) to NVR Inc.'s $200 million unsecured credit facility due July 15, 2021. The company will use proceeds of the borrowings under the facility for working capital and general corporate purposes.

The 'BBB+' corporate credit rating on NVR Inc. reflects its satisfactory business risk profile and modest financial risk profile. As of July 18, 2016, no revolving loans were outstanding under the credit agreement, and we do not expect any balances to affect our assessment of its modest financial risk. NVR ended 2015 with debt to EBITDA of less than 1x and debt to capital of about 23% (debt is adjusted for operating leases and surplus cash). We expect 2016 revenue of about $5.7 billion and EBITDA of about $760 million because of a robust backlog, with more homes delivered than in 2015.