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ATLANTA-Standard & Poor’s Corp. has revised its ratings outlook on locally based Beazer Homes USA Inc. to ‘positive’ from ‘stable.’

S&P also affirmed its BB- corporate credit rating on Beazer’s $200 million, 8.625% senior notes due 2011; $100 million, 8.875% senior notes due 2008; and a $250 million revolving credit facility.

In a prepared statement from Beazer, S&P says the revised outlook was backed by “good market penetration within geographically diversified operations, improved profitability and a moderately leveraged capital structure.”

In the statement, David S. Weiss, Beazer’s executive vice president and chief financial officer, says the company “intends to continue to manage our balance sheet and financial position conservatively, to maintain financial flexibility and warrant an upgrade in the future.”

Beazer’s common (BZH) was trading on the New York Stock Exchange at 2 p.m. Aug. 28 at $62.88 per share, down 32 cents on volume of 129,800. The stock’s 52-week high-low is $79.25 and $23.06. The company has a market capitalization of $539.25 million and a price/earnings ratio of 8.27.

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