S&P Ratings News April 22, 2009, 12:01AM EST

Homebuilders: A Report Card

(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.

  S&P Ratings on Homebuilders

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

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