S&P ups two homebuilders

S&P said it reviewed its recovery and issue-level ratings in the U.S. homebuilder and real estate developer sector for speculative-grade corporate issuers that were labeled under criteria observation (UCO) after publishing its revised recovery ratings criteria on Dec. 7.

With its criteria review complete, the agency removed the UCO designation from these ratings and revised them as appropriate.

These rating actions stem solely from the application of our revised recovery criteria and do not reflect any change in our assessment of the corporate credit ratings for issuers of the affected debt issues.

M/I Homes Inc.’s subordinated rating was upgraded to B from B- with the recovery rating revised to 5H from 6.

Shea Homes LP’s and Shea Homes Funding Corp.’s senior unsecured ratings were upgraded to BB- from B+ with the recovery rating revised to 2H from 3H.

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