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Fitch rates Ryland notes BB
Fitch Ratings said it assigned a BB rating to Ryland Group, Inc.'s $300 million 6 5/8% senior notes due May 1, 2020. The agency's issuer default rating and unsecured debt rating for Ryland are unchanged at BB.
The outlook is negative.
Proceeds from the debt issuance will be used for the purchase of up to $300 million of the company's existing senior notes and for general corporate purposes. Ryland recently announced a tender offer for its senior unsecured notes due 2012, 2013 and 2015.
The agency said the ratings reflect Ryland's successful execution of its business model, moderate financial policies and geographic and product line diversity.
The negative outlook reflects the still challenging U.S. housing environment, Fitch said.
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