S&P rates M/I Homes notes BB

Standard & Poor's said it assigned its BB rating to M/I Homes Inc.'s recently issued $150 million 6 7/8% senior notes due 2012.

At the same time, S&P affirmed its BB corporate credit rating on M/I. The outlook is stable.

S&P said the ratings reflect M/I's conservative financial profile, good market position and measured organic growth that has generated solid margins.

While sales and profitability remain concentrated in its Midwest markets, S&P said M/I has acknowledged the near-term challenges for this region and continues to prudently expand into areas in the Southeast and Mid-Atlantic.

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