Moody's ups Ryland senior implied

Moody's Investors Service said it raised the senior implied rating of The Ryland Group Inc. to Baa3 from Ba1. At the same time, Moody's confirmed Ryland's issuer rating and ratings on its senior notes at Ba1 and rating on its senior subordinated notes at Ba2.

The company's ratings are taken off review for upgrade, where they had been put on April 14, and the outlook is stable.

Moody's said the upgrade to the senior implied rating reflects the continuing improvement in the company's financial profile, a highly disciplined growth strategy that avoids acquisitions, a conservative land policy, tight cost controls, and strong liquidity. At the same time, the ratings consider the size of The Ryland Group relative to its peer group, the ongoing share repurchase program, and the cyclical nature of the homebuilding industry.

Moody's currently rates Ryland's $100 million of 8% senior notes due Aug. 15, 2006 at Ba1, $150 million of 5.375% senior notes due June 1, 2008 at Ba1, $147 million of 9.75% senior notes due Sept. 1, 2010 at Ba1, and $143.5 million of 9.125% senior subordinated notes due June 15, 2011 at Ba2.

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