Moody’s lowers Hovnanian to Caa1

Moody's Investors Service said it lowered the corporate family rating of Hovnanian Enterprises, Inc. to Caa1 and placed it under review for downgrade.

Furthermore, the agency lowered Hovnanian's speculative-grade liquidity rating to SGL-4 from SGL-3.

The action and the review were prompted by Hovnanian's continued underperformance versus Moody’s expectations and concerns surrounding the company's liquidity profile including high refinancing risk.

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