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Moody's: D. R. Horton notes Ba2
Moody's Investors Service said it assigned a Ba2 rating to D. R. Horton's proposed $300 million five-year senior unsecured notes, proceeds from which will be used for general corporate purposes.
At the same time, Moody's affirmed the company's Ba2 corporate family and probability of default ratings and the Ba2 ratings on the existing senior unsecured notes and convertible senior notes.
The speculative grade liquidity assessment is SGL-2 and the outlook is stable.
Moody's said the Ba2 rating reflects the company's cash generating prowess, which has permitted it to repay over $4 billion of homebuilding debt out of internally generated funds since the downturn began.
The rating also incorporates Horton's conservative capital structure as reflected in one of the lowest homebuilding debt leverage ratios in the industry, its relatively clean and transparent balance sheet and strong earnings metrics, including healthy gross margins and positive net income generation, the agency said.
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