Friday, October 12, 2007

Moody's Investors Service cut its ratings on US.home builders.

" Moody's Investors Service on Thursday cut its ratings on home builders Centex Corp (CTX.N: Quote, Profile , Research) Lennar Corp (LEN.N: Quote, Profile , Research) and Pulte Homes (PHM.N: Quote, Profile , Research) to junk status, saying it expects bleak housing industry conditions to linger at least until 2009.
The downgrades affect about $9.4 billion of debt and $3.25 billion of commercial paper authorizations, Moody's said. "

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