http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688592

Fitch Ratings has published updated recovery analyses for U.S. Homebuilders and Building Materials companies, including:

Beazer Homes USA, Inc.

Hovnanian Enterprises, Inc.

KB Home

M/I Homes, Inc.

Meritage Corp.

Standard Pacific Corp.

USG Corporation

Fitch has made a change in its Recovery Ratings and Notching Criteria. This revision reflects the insertion of additional notches into Fitch's master rating scale for instrument ratings, and do not reflect any change in Fitch's view of the creditworthiness of the company or the instrument affected in this rating revision.

The interactive recovery analysis worksheets are available at 'www.fitchratings.com' under the following headers:

Sectors then Corporate Finance then Corporates then Research

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (Aug. 8, 2012);

--'Recovery Ratings and Notching Criteria for Nonfinancial Corporate Issuers' (August 14, 2012);

-- U.S. Homebuilding Industry - Recovery Rating Methodology, (April 7, 2008).

Applicable Criteria and Related Research:

Corporate Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460

Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686476

U.S. Homebuilding and Building Materials Issuers Recovery Analyses

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=534126

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