S&P ups WCI Communities notes to B+

Standard & Poor's said it raised its corporate credit rating on WCI Communities Inc. to BB from BB-. Additionally, the ratings on the company's existing $800 million senior subordinated notes are raised to B+ from B. The outlook is revised to stable from positive.

"The upgrades are supported by WCI's broadening product platform, good overall performance and improved financial flexibility," said S&P credit analyst Jeanne Sarda.

"This builder's credit strengths are tempered by the risks associated with its geographic expansion plans, a moderate level of secured debt within its capital structure and the fact that its debt coverage measures are currently lower than the peer average."

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