S&P rates Lennar notes B+

Standard & Poor's said it assigned a B+ rating to Lennar Corp.'s (B+/stable) proposed $435 million of convertible senior notes due 2020 with 4 recovery rating indicating expectation for 30% to 50% recovery.

Proceeds will be used for general corporate purposes.

Ratings reflect the opinion that Lennar maintains an aggressively leveraged profile, including a liquidity position that is more constrained than similarly rated homebuilders, the agency said.

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