S&P raises William Lyon notes

Standard & Poor's said it raised the rating on William Lyon Homes Inc.'s 10¾% senior unsecured notes due 2013 to CC from D after the company repurchased $10.5 million of outstanding principal for $9 million.

The agency said it lowered the rating on the previous day to D because it considered the discounted repurchase to be tantamount to default under the criteria for exchange offers and similar restructurings.

The agency said it is now raising the rating back because the company completed its repurchase and it is not aware of additional discounted repurchases at this time.

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