S&P lowers Centex

Standard & Poor's said it lowered its short-term credit rating on Centex Corp. to A-3 from A-2.

At the same time, the agency noted that it affirmed its BBB corporate credit and senior unsecured ratings, affecting $3.8 billion of senior unsecured notes.

The outlook is negative.

The lowered short-term rating reflects Centex's weakened financial profile relative to other BBB rated companies in light of the persistent difficult conditions in the nation's housing markets, the agency said, adding that the ratings on Centex remain supported by the company's diversified operating platform, above-average gross margins, moderate leverage profile and solid liquidity position.

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