Centex rating outlook downgraded by S&P |
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Published
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Thu, 24 May 2007 23:39
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NEW YORK (AP) - Standard & Poor's Ratings Services revised its outlook for homebuilder Centex Corp. to negative from stable Thursday, citing housing industry challenges and the company's relatively higher leverage levels.S&P also affirmed lower medium grade ratings for the company's long-term corporate credit ratings and $3.9 billion in unsecured notes. It also affirmed 'A-2' ratings for the company's short-term corporate credit rating and $1.25 billion commercial paper program.'The outlook revision anticipates sharply lower cash flow protection measures over the next several quarters as a consequence of broad housing industry challenges and Centex's higher leverage levels relative to similarly rated peers,' said S&P credit analyst James Fielding.The company does remain positioned for good long-term prospects, he said.Shares of Centex fell 4 cents to $48.65 in after-hours trading, after rising 48 cents to close at $48.69.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Correction: Centex ratings story 