Moody’s changes M/I Homes to positive

Moody's Investors Service said it changed the outlook of M/I Homes, Inc. to positive from stable and affirmed the corporate family rating at B2 and probability of default rating at B2-PD.

Concurrently, the agency affirmed the company's existing senior notes at B1 as well as senior subordinated notes and preferred series A shares at Caa1. The speculative-grade liquidity rating was affirmed at SGL-2.

Moody’s said the outlook change reflects its view that M/I Homes is well-positioned to take advantage of the continued growth in the homebuilding industry. The outlook change also considers the company's efforts to diversify its geographic reach while maintaining a conservative balance sheet management strategy as well as a disciplined approach toward land and land development investments.

M/I Homes' key credit metrics have improved from where they were a year ago, including its homebuilding debt leverage that is now anticipated to hover around 40-45% over the next 12 months, the agency said.

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