(page 3 of 3)
When the offer is consummated, we would lower the corporate credit rating to SD, for selective default, and lower our issue-level rating to D. Shortly thereafter, we would expect to assign a new corporate credit rating to the company based on its new capital structure and liquidity profile.
| Company | Rating
|
|---|---|
| Beazer Homes USA (BZH) | CCC+
|
| Centex (CTX) | BB-
|
| Champion Enterprises (CHB) | CCC-
|
| D.R. Horton (DHI) | BB-
|
| Hovnanian Enterprises (HOV) | CCC
|
| KB Home (KBH) | BB-
|
| Lennar (LEN) | BB-
|
| M/I Homes (MHO) | B-
|
| MDC Holdings (MDC) | BBB-
|
| Meritage Homes (MTH) | B+
|
| NVR (NVR) | BBB-
|
| Pulte Homes (PHM) | BB
|
| Rhodes Cos. | D
|
| Ryland Group(RYL) | BB-
|
| Standard Pacific (SPF) | CCC
|
| Stanley-Martin Communities LLC | CCC+
|
| Toll Brothers (TOL) | BBB-
|
| William Lyon Homes | CC |
Fielding and Skoufis Fielding and Skoufis are credit analysts for Standard & Poor's Ratings Services .
All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure
Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
Track and share business topics across the Web.