Moody's: KB Home notes B2

Moody's Investors Service said it assigned a B2 rating to KB Home's proposed $250 million senior unsecured note offering due 2022, proceeds of which will be used for debt retirement and to add to liquidity.

In the same action, Moody's said it affirmed the company's B2 corporate family rating, B2 probability of default rating, B2 rating on the existing senior unsecured notes, provisional B2 rating on the senior unsecured shelf and downgraded speculative grade liquidity assessment to SGL-3 from SGL-2.

The outlook remains stable.

The proceeds from the offering will be used to retire up to $150 million aggregate principal amount of KB Home's outstanding 5¾% senior unsecured notes due 2014, 5 7/8% senior unsecured notes due 2015 and 6¼% senior unsecured notes due 2015.

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