Fitch rates Horton notes

Fitch Ratings assigned a BBB- rating to D.R. Horton Inc.'s $200 million 6.125% senior notes due Jan. 15, 2014.

The outlook is stable.

Horton expects to use the proceeds from the new debt issue to pay down short-term debt.

Fitch said the ratings are based on the company's above average growth during the on-going housing expansion, execution of its business model, steady capital structure and geographic and product line diversity

DHI's inventory consistently has been 1.6x to 1.8x homebuilder debt and in fiscal 2003 ended the year at about 2.0x (2.1x as of March 31).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.