Fitch affirms M/I Homes

Fitch Ratings said it affirmed M/I Homes, Inc.'s issuer default rating at B, senior unsecured notes at B+ with recovery rating of 3 and series A non-cumulative perpetual preferred stock at CCC with recovery rating of 6.

The outlook remains negative.

The ratings reflect the company's healthier closing and order trends over the past year and improved prospects for housing this year, Fitch said.

The negative outlook reflects the challenges still facing the housing market, especially mortgage delinquencies and foreclosures, the agency said.

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