NEW YORK (Standard&Poor's) March 27, 2013--Standard&Poor's Ratings Services today revised its recovery rating on Shea Homes L.P.'s $750 million senior secured notes to '3' from '4', indicating our expectation for meaningful (50%-70%) recovery in the event of default. The 'B' issue rating on the senior secured notes remains unchanged (see list). Walnut, Calif.-based Shea is a privately held company that ranks among the nation's 20 largest homebuilders. The company is very closely held by J.F. Shea Co. Inc. (a general construction firm and Shea's general partner through holding company J.F. Shea L.P.) and members of the Shea family, which have a 79% partnership interest in Shea. For our most recent corporate credit rationale, please see "Summary
