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S&P downgrades Hovnanian
S&P said it lowered its corporate credit rating on Hovnanian Enterprises Inc. to CC from CCC+.
The outlook is negative.
At the same time, the agency lowered the issue-level rating on K. Hovnanian Enterprises Inc.'s $440 million 10% senior secured notes due 2022 and $400 million 10½% senior secured notes due 2024 to CC from CCC+.
The recovery rating remains 4, indicating an expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of payment default.
S&P said the downgrade follows Hovnanian's announcement of a proposed exchange offering for any and all of its $440 million 10% senior secured notes and $400 million 10½% senior secured notes for newly issued 3% senior notes due 2047, which the agency views as a distressed exchange, if completed.
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