Moody's rates William Lyon Homes notes B2

Moody's Investors Service said it assigned a B2 rating to the recent issue of $150 million of 7 5/8% senior notes of William Lyon Homes Inc.

At the same time, Moody's confirmed the company's current ratings, including its B1 senior implied rating, B2 issuer rating and B2 ratings on the company's existing issues of senior unsecured notes. The outlook is stable.

Moody's said the ratings reflect the company's healthy and growing profitability and the substantial growth in its equity base from the nadir reached in 1997, the company's successful strategy of forming very profitable joint ventures in California, its strong shares in key California markets and the shift in its capital structure away from one that was top-heavy with secured debt.

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