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S&P upgrades M/I Homes
S&P said it raised the corporate credit rating on M/I Homes Inc. to B+ from B.
The agency also said it raised the rating on the company's senior unsecured notes to BB- from B+; the recovery rating on the notes is 2, indicating 70% to 90% expected default recovery.
S&P also said it raised the rating on the company's senior subordinated convertible notes to B- from CCC+; the recovery rating on these notes is 6, indicating 0 to 10% expected default recovery.
The agency also said it upgraded the rating on the company’s preferred stock to CCC- from CC.
The outlook is stable.
The stable outlook considers a view that the single-family housing recovery will continue at a tempered pace and that M/I will improve EBITDA as the company's strong backlog and improving sales pace drive closing-volume growth in the next two years, S&P said.
The company also is expected to maintain gross margins of about 20% or more and adequate access to liquidity, the agency said.
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