 Moodys Investors Service Moodys affirmed the B3 Corporate Family Rating CFR, B3-PD Probability of Default Rating and B3 senior unsecured notes rating of The New Home Company, Inc. NWHM. The affirmation reflects Moodys view of modestly improving, but still strained, credit metrics and continued geographic concentration in California. The downgrade of the SGL rating reflects Moodys expectation of increased investments in land over the next 18 months as well as the upcoming expiration of the companys unsecured revolver in March 2021. 