S&P lowers Beazer

Standard & Poor's said it lowered its corporate credit rating on Beazer Homes USA Inc. to SD (selective default) from CCC, reflecting what it views to be a de facto restructuring of some of the company's unsecured debt during its most recent fiscal quarter.

Concurrently, the agency said it lowered its ratings on the company's senior unsecured notes to D from CCC- while its five recovery rating was unchanged.

"Our rating actions follow the company's announcement that it had repurchased $116 million of its unsecured notes during its third fiscal quarter ended June 30, 2009," said S&P credit analyst James Fielding.

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