S&P cuts Ryland

Standard & Poor's said it lowered its corporate credit and unsecured debt ratings on the Ryland Group Inc. to BB- from BB+, affecting roughly $750 million in rated debt securities.

The recovery rating on the company's senior unsecured debt remains unchanged at 4 and the outlook remains negative, the agency said.

S&P added that the corporate downgrade reflects Ryland's relatively limited liquidity and its expectations for deteriorating housing market conditions to continue pressuring profitability over the next year.

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