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Fitch raises Miller Homes ratings

Fitch Ratings raised the long-term issuer default rating on Miller Homes Group Holdings PLC to BB- from B+, with a stable outlook.

The rating agency also upgraded the senior secured debt rating to BB/RR2 from BB-/RR3.

The positive ratings action is reflective of the homebuilder's improved financial health after it decreased leverage and posted solid operating performance.

The ratings are further underpinned by the management's disciplined approach and structural undersupply of housing across the U.K., Fitch added.