Moody's rates Ryland notes Ba3

Moody's Investors Service said it assigned a Ba3 rating (LGD4, 55%) to the $230 million senior unsecured note offering of Ryland Group, Inc.

The corporate family and probability-of-default ratings were affirmed at Ba3, and the senior unsecured notes affirmed at Ba3 (LGD4, 55%). Ryland's speculative grade liquidity rating was raised to SGL-2 from SGL-3.

The outlook remains negative.

Proceeds will be used for general corporate purposes.

Ryland's Ba3 corporate family rating reflects that the company's relatively easy period of cash flow production is largely over, the agency said.

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