...+ Aliso Viejo, Calif.-based homebuilder The New Home Co. Inc.'s leverage has risen to 10.0x and its debt to capital to 63% as the company continues to draw on its revolver to fund land spending and new community development. + The company underperformed our earnings expectations for 2018 because of construction delays and lower closings, which could continue in 2019. + On March 6, 2019, S&P Global Ratings revised its outlook on The New Home Co. to negative from stable and affirmed the 'B-' issuer credit rating on the company and the 'B-' issue-level rating on its senior unsecured notes. The recovery rating on the notes remains '3'. + The negative outlook reflects our view that continued weak performance in the first few quarters of 2019 would hamper deleveraging plans ahead of maturities in 2020, relying on favorable land sales to meet fixed-charge and interest needs....
