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Fitch rates Hovnanian notes BB-/RR1
Fitch Ratings said it assigned a BB-/RR1 rating on Hovnanian Enterprises, Inc.'s $600 million 11.5% senior secured notes due 2013.
In addition, Fitch said it affirms the following ratings for Hovnanian: issuer default rating at B-, senior secured revolving credit facility at BB-/RR1, senior unsecured notes at B-/RR4, senior subordinated notes at CCC/RR6 and series A perpetual preferred stock at CCC-/RR6.
The outlook is negative.
Fitch said that its recovery rating of 1 on Hovnanian's secured revolving credit facility and senior secured second-lien notes indicates outstanding recovery prospects for holders of these debt issues.
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