S&P downgrades BPZ

Standard & Poor’s said it lowered the corporate credit rating on BPZ Resources Inc. to D from CCC+.

The agency also said it withdrew the rating on the company’s proposed $150 million senior secured notes due 2019, which were not issued.

Following these actions, S&P said it then withdrew the corporate credit rating at the issuer’s request.

The downgrade follows BPZ’s decision to utilize the grace period for payment of $62 million of principal and interest due March 1, 2015, the agency said.

Although BPZ is currently under the grace period provided the indentures of its notes, the downgrade to D reflects an assessment that BPZ will not make the $62 million payment of principal and interest within the grace period, S&P said.

Fitch upgrades M/I Homes

Fitch Ratings said it upgraded the ratings for M/I Homes, Inc., including the company’s issuer default rating to B+ from B.

The outlook is stable.

The agency also said it upgraded the company’s senior unsecured notes to BB- with recovery rating of RR3from B+ with recovery rating of RR3, convertible senior subordinated notes to B- with recovery rating of RR6from CCC+ with recovery rating of RR6 and series A non-cumulative perpetual preferred stock to CCC+ with recovery rating of RR6 from CCC with recovery rating of RR6.

The ratings reflect the company’s execution of its business model in the current housing environment, management’s demonstrated ability to manage land and development spending, healthy liquidity position, improving credit metrics and an expectation of further improvement in the housing market in 2015, Fitch said.

The upgrades consider the company’s improving financial and credit metrics and an expectation of further progress in financial results during the next 12 to 18 months, the agency said.

Moody’s changes Essex Property to positive

Moody's Investors Service said it affirmed the Baa2 senior unsecured debt ratings of Essex Property Trust, Inc. and revised the outlook to positive from stable.

The positive outlook reflects Moody's expectation that Essex will continue to post strong growth in operating earnings, while continuing to reduce leverage and grow its unencumbered asset base.

S&P: Avis Budget notes B+

Standard & Poor’s said it assigned a B+ rating to Avis Budget Group Inc.’s $350 million senior notes due 2025.

The recovery rating is 5, indicating 10% to 30% expected default recovery.

Avis Budget Car Rental LLC and Avis Budget Finance Inc. are issuing the notes.

Both companies are indirect subsidiaries of Avis Budget and will use the proceeds for general corporate purposes, including the redemption of senior notes due 2020 and to finance a portion of the proposed acquisition of Maggiore Group, S&P said.

The ratings reflect the company’s aggressive financial risk profile, the price-competitive and cyclical nature of on-airport car rentals and the company’s significant amount of secured assets, the agency said.

The ratings also consider Avis Budget’s position as one of the largest global car rental companies, relatively stable cash flow and an expectation that the company’s operating performance will continue to improve, S&P said.

S&P: Storebrand bonds BBB

Standard & Poor’s said it assigned a BBB long-term issue rating to the 1 billion in Norwegian kroner perpetual subordinated bonds issued by Storebrand Livsforsikring.

The rating on the bonds is two notches below the long-term counterparty credit rating on the issuer, S&P said.

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