S&P: Standard Pacific notes B+

Standard & Poor's said it assigned a B+ rating and 3 recovery rating to Standard Pacific Corp.'s proposed $250 million senior notes due 2021.

The 3 recovery rating indicates 50% to 70% expected default recovery.

The B+ corporate credit rating and stable outlook on Standard Pacific remain unchanged.

The company's newly issued notes will rank equally with its $1.5 billion of existing senior unsecured notes.

The proceeds will be used for general corporate purposes and replenish unrestricted cash, the agency said.

The ratings reflect the company's aggressive financial risk profile as measured by elevated leverage metrics and low interest coverage, S&P said, although near-term debt maturities are modest and liquidity is adequate.

Standard Pacific does not face meaningful debt maturities until 2016 when $280 million of senior notes mature, the agency said.

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