S&P affirms McMillin, off watch

Standard & Poor's said it affirmed its ratings on McMillin Cos. LLC and removed them from CreditWatch with negative implications, where they were placed on Sept. 1.

Affected ratings include the corporate credit rating at B+ and senior secured rating at B-.

The outlook is stable.

S&P said that the ratings were placed on CreditWatch after McMillin submitted audited 2004 financials containing a qualified opinion.

The agency noted that the affirmations reflect the company's good market position, efforts to improve its geographic diversification, above-average profitability and solid financial profile, particularly for the rating, adding that mitigating factors include McMillin's relatively small and concentrated business, limited financial flexibility, complex financial profile and a more competitive housing environment in its California markets.

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