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Fitch upgrades Hovnanian ratings

Fitch Ratings upgraded its issuer default rating on Hovnanian Enterprises Inc. to CCC from C.

The upgrade follows the homebuilder's announcement that it had cured the default associated with the nonpayment of $1.0 million of interest on $26 million of its 8.0% notes due 2019 held by K. Hovnanian at Sunrise Trail III LLC, which was due May 1, and its decision to withdraw the exchange offer of its 10.0% and 10.5% notes for new 3.0% unsecured notes.

The rating agency attributed the upgrade to the refinancing and debt exchanges the company executed in February, which helped the company push out its debt maturities.

Fitch had previously downgraded its issuer default rating on the company to C from CCC when the company launched the exchange offer in April.