CHICAGO--(BUSINESS WIRE)--Fitch Ratings has placed its ratings for Standard Pacific Corp. (NYSE: SPF), including the company's Issuer Default Rating (IDR) of 'B+', on Rating Watch Positive following a definitive agreement designating that Standard Pacific and The Ryland Group (NYSE: RYL) will combine in a merger of equals that will create the fourth-largest homebuilder in the U.S. At the time of the merger, Standard Pacific will implement a 1-for-5 reverse stock split. After giving effect to th