Fitch lifts Standard Pacific

Fitch Ratings said it upgraded the issuer default rating of Standard Pacific Corp. to B from B-, along with its senior unsecured notes to B with a recovery rating of RR4 from B- with a recovery rating of RR4 and unsecured revolving credit facility to B with a recovery rating of RR4 from B- with a recovery rating of RR4.

The agency also said it revised the outlook to positive from stable.

The upgrade reflects the company's operating performance so far this year and its robust liquidity position, Fitch said.

The ratings also are supported by the company's execution of its business model and geographic and product-line diversity, the agency said.

Risk factors include the cyclical nature of the homebuilding industry, the company's aggressive land strategy and still high leverage position, Fitch said.

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