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Kaufman & Broad ratings on negative watch on PAI Partners stake buy - S&P


Published : Tue, 22 May 2007 09:57
By : Agencies
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it placed Kaufman & Broad SA's 'BB+' long-term corporate credit rating on negative watch after its parent company, KB Home, agreed to sell its 49 pct stake to private equity investor PAI Partners for about 600 mln eur.

Kaufman & Broad is one of France's largest residential property developers.

S&P said the move reflects concerns the acquisition will lead to additional debt in Kaufman's capital structure.

TFN.newsdesk@thomson.com

ans/ssa/am

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