Bluegreen Vacations Corporation Requests to Withdraw Corporate Credit Rating
July 30 2019 - 8:18AM
Business Wire
Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen" or the
“Company") today announced that it has requested to be withdrawn
from the corporate credit rating provided by Standard & Poor’s
Financial Services, LLC (“S&P”). The Company intends to
continue to maintain the ratings on its various asset-backed term
securitizations currently provided by S&P and others and
intends to consider using S&P to rate its future asset-backed
transactions, as it has done for the past 17 years.
The decision to issue this request was based on a comprehensive
evaluation of the effects and costs of maintaining the rating. The
Company does not believe that this request will have an adverse
impact on its business performance or ability to obtain credit.
Forward-Looking
Statements:
Certain statements in this press release are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical fact, are forward-looking statements. Forward-looking
statements are based on current expectations of management and can
be identified by the use of words such as “believe”, “may”,
“could”, “should”, “plans”, “anticipates”, “intends”, “estimates”,
“expects”, and other words and phrases of similar impact.
Forward-looking statements involve risks, uncertainties and other
factors, many of which are beyond our control, that may cause
actual results or performance to differ from those set forth or
implied in the forward-looking statements. These risks and
uncertainties include, without limitation, risks relating to the
impact of withdrawing the corporate credit rating on business
performance and the ability to obtain credit and the additional
risks and uncertainties described in Bluegreen's filings with the
Securities and Exchange Commission, including, without limitation,
those described in the “Risk Factors” section of Bluegreen’s Annual
Report on Form 10-K and the Quarterly Report on Form 10-Q for the
three months ended March 31, 2019. Bluegreen cautions that the
foregoing factors are not exclusive. You should not place undue
reliance on any forward-looking statement, which speaks only as of
the date made. Bluegreen does not undertake, and specifically
disclaims any obligation, to update or supplement any
forward-looking statements.
About Bluegreen Vacations
Corporation:
Bluegreen Vacations Corporation (NYSE: BXG) is a leading
vacation ownership company that markets and sells vacation
ownership interests (VOIs) and manages resorts in top leisure and
urban destinations. The Bluegreen Vacation Club is a flexible,
points-based, deeded vacation ownership plan with approximately
217,000 owners, 69 Club and Club Associate Resorts and access to
more than 11,000 other hotels and resorts through partnerships and
exchange networks as of March 31, 2019. Bluegreen Vacations also
offers a portfolio of comprehensive, fee-based resort management,
financial, and sales and marketing services, to or on behalf of
third parties. Bluegreen is approximately 90% owned by BBX Capital
Corporation (NYSE: BBX) (OTCQX: BBXTB), a diversified holding
company. For further information, visit
www.BluegreenVacations.com.
About BBX Capital
Corporation:
BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) is a
Florida-based diversified holding company whose principal
investments include Bluegreen Vacations Corporation (NYSE: BXG),
BBX Capital Real Estate, Renin Holdings, and IT’SUGAR. For
additional information, please visit www.BBXCapital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190730005641/en/
Bluegreen Vacations Corporation Investor Relations: Nikki Sacks,
203-682-8263 or Evelyn Infurna, 203-682-8265 Email:
bluegreenvac@icrinc.com
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