S&P assigns B+ to Standard Pacific notes

Standard & Poor’s said it issued its B+ issue-level rating and 3 recovery rating to Standard Pacific Corp.’s proposed offering of $300 million senior unsecured notes due 2024. The 3 recovery rating indicates an expectation for a meaningful recovery (50% to 70%) in the event of default.

The existing corporate credit rating of B+ and positive outlook for Standard Pacific are unchanged.

S&P said its B+ ratings on Standard Pacific are unchanged and continue to reflect the company’s “fair” business risk profile. Standard Pacific’s “aggressive” financial risk profile incorporates an expectation that debt to EBITDA will remain in the mid-4x range over the next several quarters.

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