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, reflecting Moody's expectation that Ryland will continue to maintain capital structure discipline while pursuing its expansion opportunities.

More specifically, Moody's assigned a Baa3 to the new $250 million 6.875% senior notes due June 15, 2013 and affirmed the Baa3 rating on the $100 million 8% senior notes due Aug. 15, 2006, the $150 million 5.375% senior notes due June 1, 2008, the $250 million 5.375% senior notes due May 15, 2012, the $250 million 5.375% senior notes due Jan. 15, 2015 and the Ba2 rating on $143.5 million 9.125% senior subordinated notes due June 15, 2011.

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