| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for D.R. Horton, Inc. > News item |
Moody's cuts D.R. Horton
Moody's Investors Service said it downgraded D.R. Horton, Inc.'s corporate family and probability-of-default ratings to Ba3 from Ba2, senior unsecured notes rating to Ba3 (LGD4, 54%) from Ba2 (LGD4, 53%), senior subordinated notes rating to B2 (LGD6, 97%) from B1 (LGD6, 96%) and its speculative grade liquidity rating to SGL-3 from SGL-2.
The outlook remains negative.
The downgrades reflect expectation that Horton's future cash flow generation will decline from the currently robust levels and quarterly operating losses before impairments will continue in fiscal 2009, according to the agency.
Ratings acknowledge that Horton has the second-strongest cash flow generation in the industry and has been cash flow positive on a trailing 12-month basis for eight consecutive quarters, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.