Fitch rates Horton notes BB+

Fitch Ratings said it assigned a BB+ rating to D.R. Horton, Inc.'s proposed offering of senior unsecured notes due 2020.

This issue will be rated on a pari passu basis with all other senior unsecured debt.

The outlook is stable.

Net proceeds will be used for general corporate purposes.

Fitch said the ratings reflect Horton’s successful execution of its business model, steady capital structure, and geographic and product line diversity. The company was an active consolidator in the homebuilding industry in the past, but has been much less acquisitive over the past 10 years and it appears that the company will continue to be focused principally on harvesting the opportunities within its current and adjacent markets, the agency said.

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