S&P cuts Pulte

Standard & Poor's said it lowered its corporate credit and senior unsecured ratings on Pulte Homes Inc. to BBB- from BBB.

The outlook remains negative.

According to S&P, the downgrades follow a second consecutive quarterly pretax loss, albeit modest before one-time restructuring costs and noncash charges and reflect the continued weakening of the nation's housing markets.

During the most recent fiscal quarter ended June 30, Pulte drew down cash balances and borrowed modestly under a revolver to fund a discretionary cash flow deficit, the agency said.

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