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Moody's ups M/I Homes CFR, notes, preferreds
Moody's Investors Service said it upgraded M/I Homes, Inc.'s corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD.
Concurrently, the agency upgraded the company's senior unsecured notes to B1 from B3, senior subordinated notes to Caa1 from Caa2 and the rating on the series A preferred shares to Caa1 from Caa3.
Moody's also upgraded the speculative-grade liquidity rating to SGL-2 from SGL-3.
The outlook was changed to stable from positive.
The upgrade of the corporate family rating to B2 from B3 reflects the agency's expectation that the company's operating performance and key credit metrics will continue to improve. The positive momentum is supported by solid growth fundamentals in the industry.
The upgrade also considers M/I Homes' conservative and disciplined financial policies, including modest debt leverage relative to its B2-rated peers and willingness to issue common equity, the agency said.
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