High geographic concentration--about one-half of revenue generated in California; Smaller scale than other rated peers; Shifting focus to less capital-intensive projects with shorter cycle times; and Operates within the highly cyclical homebuilding sector. Projected leverage will improve in 2018; Cash flow from operations will increase in 2018 as the company slows land spend and generates more cash; and We expect stable debt levels as the company has no near term maturities and we do not anticipate it drawing on its revolver in 2018. S&P Global Ratings' stable outlook on Walnut, Calif.-based Shea Homes L.P. reflects our expectation for continued growth in the U.S. housing market, characterized by sound demand fundamentals over the next 12 months. We expect Shea to modestly
