Fitch ups M/I Homes to stable

Fitch Ratings said it affirmed M/I Homes, Inc.'s B issuer default rating, B+/RR3 senior notes and CCC/RR6 series A non-cumulative perpetual preferred stock.

The outlook was revised to stable from negative.

The RR3 recovery rating on the senior notes indicates good recovery prospects for holders of this debt issue, the agency said. The RR6 rating on the preferred stock indicates poor recovery prospects in a default scenario.

The ratings on M/I Homes reflect the company's execution of its business model in the current housing environment, improved 2010 operating results, healthy liquidity position and better prospects for the housing sector this year, the agency said.

The outlook revision takes into account the diminished near-term liquidity risk associated with debt maturities the company had last year, the agency added.

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