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S&P ups Hovnanian loans, notes
Standard & Poor's said it raised its corporate credit rating on Hovnanian Enterprises Inc. to B- from CCC+.
The outlook is stable.
S&P also raised its issue ratings on the company's existing first-lien senior secured debt due 2020 to B- from CCC+, first-lien senior secured notes due 2021 to CCC+ from CCC and senior unsecured notes due 2014-2017 and second-lien secured notes due 2020 to CCC from CCC-.
The recovery ratings on these issues remain unchanged.
The rating on the company's preferred stock remains C.
"The upgrade reflects strengthening operating performance supported by the broader recovery in the housing market that, we believe, should support modest profitability in 2013," S&P credit analyst George Skoufis said in a news release.
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