S&P ups Meritage Homes view to stable

Standard & Poor's said it affirmed its B+ corporate credit rating on Meritage Homes Corp. and revised its outlook to stable from negative on expectations that the company will return to modest profitability in the coming year.

S&P said it also revised the recovery rating on the company's $479 million senior unsecured notes to 3 from 4 due to improved recovery prospects following the company's voluntary termination of its $150 million senior unsecured credit facility.

S&P's 6 recovery rating on Meritage's $125 million of subordinated debt remains unchanged.

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