Fitch affirms Standard Pacific

Fitch Ratings said it affirmed Standard Pacific Corp.'s ratings and removed them from Rating Watch negative, including its B- issuer default rating, BB-/RR1 secured revolving credit facility borrowings, B-/RR4 unsecured revolver borrowings, B-/RR4 senior unsecured debt rating and CCC/RR6 senior subordinated debt rating.

The outlook is stable.

The agency said the ratings reflect the current difficult U.S. housing environment, Fitch's expectation that housing activity will continue to be challenging during the rest of 2008 and into 2009, current and expected negative trends in Standard Pacific's operating margins and a meaningful deterioration in credit metrics.

The stable outlook reflects Standard Pacific's strengthened balance sheet and improved liquidity position resulting from an equity investment made by MatlinPatterson, Fitch said.

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