S&P: Horton unaffected

Standard & Poor's said the ratings and outlook on D.R. Horton Inc. (BB-/negative) are unaffected by the company's voluntary termination of its $1.65 billion revolving credit facility and a recently completed $450 million 2% convertible note issue due 2014.

The agency assigned a BB- rating to the new convertible notes with a 4 recovery rating.

Ratings are supported by a cash position of roughly $1.5 billion before the issuance of the new notes and the company's ability to continue to generate positive cash flow from operations, the agency said.

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