Moody’s rates D.R. Horton notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the proposed new $400 million of three-year senior unsecured notes of D.R. Horton, Inc.

Proceeds will be used for general corporate purposes, including the refinancing of debt.

The Baa3 rating on the existing issues of senior unsecured notes is unchanged.

The outlook is stable.

Moody’s said the Baa3 senior unsecured rating acknowledges the company's industry-leading debt leverage, impressive cash flow generating ability, strong operating performance, success at integrating prior acquisitions, large tangible equity base, geographic and product diversity, leading share position in many of the markets it serves and tight cost controls.

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