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Moody cuts ratings on home builders to junk status

Posted at October 12th, 2007 11:56 am by Eric Hochberger
Filed under: Centex, Home Builders, Lennar, Pulte Homes

Moody Investor announced on Thursday it would cut its ratings on the home builders Centex, Lennar, and Pulte Homes to junk status.

This move will affect about $9.4 billion worth of debt and $3.25 billion worth of commercial paper.   According to Moody, they feel the housing industry will continue to suffer until at least 2009.

Read more about Moody’s rating cut at CNBC.

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