Fitch rates Lennar notes BB+

Fitch Ratings said it assigned a BB+ rating to Lennar Corp.'s $300 million principal amount of senior notes due December 2017.

The issuer default rating is BB+.

The outlook is stable.

Proceeds will be used to fund or replenish the cash that is expected to be used to fund the redemption of the company's $268 million 5.95% senior notes due 2013 and for working capital and general corporate purposes.

The ratings reflect the company's strong liquidity position and improving prospects for the housing sector this year, the agency said.

The ratings also reflect Lennar's successful execution of its business model, geographic and product line diversity, much lessened joint venture exposure and the still challenging U.S. housing environment, the agency noted.

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