Moody's rates Ryland notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the $250 million issue of new senior notes of The Ryland Group, Inc.

At the same time, Moody's affirmed Ryland's senior unsecured rating of Baa3 and senior subordinated debt rating of Ba2. The outlook is stable.

Moody's said Ryland's ratings reflect the continuing improvement in its financial profile, a highly disciplined growth strategy that avoids acquisitions, a conservative land policy, tight cost controls and strong liquidity.

At the same time, Moody's said the ratings consider Ryland's size relative to its peer group, the ongoing share repurchase program and the cyclical nature of the homebuilding industry.

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