Fitch ups Lennar loan to BBB+, converts to BBB

Fitch Ratings said it upgraded Lennar Corp.'s senior unsecured debt and unsecured bank credit facility ratings to BBB+ from BBB. Also, the senior subordinate convertible notes rating has been raised to BBB from BBB-.

These ratings apply to $1.7 billion in outstanding senior notes, the $1.4 billion homebuilding credit facility and $274.6 million in subordinate convertible notes. The outlook has been changed to stable from positive.

Fitch said these ratings actions reflect the company's continuing solid financial performance and the expectation that Lennar's credit profile will be maintained as it executes its business model and continues to grow.

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