S&P rates McMillin notes

Standard & Poor's assigned its B+ corporate credit rating to McMillin Cos. LLC and a B- rating to the company's $70 million 12.875% senior secured notes.

The outlook is stable.

"The ratings acknowledge the company's good market position and improved diversity, as well as above average profitability and debt protection measures," said S&P credit analyst George Skoufis. "The company however, is still a relatively small, concentrated builder with higher-than-average leverage and limited financial flexibility, as well as a complex financial profile due to its reliance on joint ventures."

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