U.S. homebuilder William Lyon Homes Inc.'s credit measures have strengthened since its debt refinancing in November 2012. The company has proposed an add-on issuance of senior unsecured notes. We are revising our outlook on William Lyon Homes to positive from stable and affirming our 'B-' corporate credit rating and 'B-' rating on the senior unsecured notes. We are revising the recovery rating on the senior unsecured notes to '3' from '4'. Our positive outlook reflects our expectation for continued EBITDA growth from the company's expanding platform in relatively stronger homebuilding markets, which should lead to further deleveraging. On Oct. 21, 2013, Standard&Poor's Ratings Services revised its rating outlook on William Lyon Homes Inc. to positive from stable. At
