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S&P affirms M/I Homes
S&P said it affirmed its B+ corporate credit rating on M/I Homes Inc. The outlook is stable.
The agency also affirmed the BB- issue-level rating on the company's senior unsecured debt. The recovery rating remains 2, indicating expectations for a substantial recovery (70%-90%; rounded estimate: 85%) in the event of a default.
S&P said the affirmation represents a view of the company’s strong revenue growth, which the agency expects to continue over the next 12 months spurred by the acquisition of Pinnacle Homes in March for $101 million.
“A 13.5% increase in homes closed in 2017 has pushed EBITDA higher, incrementally improving credit measures,” the agency said in a news release.
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