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S&P lifts Hovnanian
Standard & Poor's said it raised its corporate credit rating on Hovnanian Enterprises Inc. to CCC+ from CCC- and removed it from CreditWatch positive.
The agency said it also raised its issue rating on the company's existing senior secured debt to CCC from CCC- and removed it from CreditWatch positive. The recovery rating remains unchanged at 5.
The agency also raised its issue rating on the company's existing senior secured debt to CCC from CCC- and removed it from CreditWatch positive. The recovery rating remains unchanged at a 6.
The outlook is stable.
"We raised our corporate credit rating to reflect operating performance that is better than we expected, resulting in narrowing pretax losses," said S&P credit analyst George Skoufis in a news release.
"It also reflects improved liquidity following the recent debt issuances that will extend the bulk of the company's 2016 maturities to 2020 and reduce its overall interest burden."
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