S&P downgrades Kimball Hill

Standard & Poor's said it lowered Kimball Hill Inc.'s corporate credit rating to D from CC and its senior subordinated debt to D from C. The recovery rating on the debt remains 6.

The downgrade follows the company's announcement that it voluntarily filed for relief under Chapter 11 of the U.S. Bankruptcy Code. S&P said the company reported that it has roughly $60 million of cash on hand, which Kimball Hill expects will provide enough liquidity to fund its daily operations through the restructuring process without requiring additional financing.

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