Moody's rates Standard Pacific notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to the proposed $200 million senior unsecured note offering of Standard Pacific Corp.

The proceeds of the offering will be used to repurchase outstanding notes of the company through tender offers, with the balance, if any, used to repay other debt.

At the same time, Moody's affirmed the company's existing ratings, including its corporate family rating and probability of default rating at Caa1, the ratings on its existing senior unsecured notes at Caa1, and the ratings on its senior subordinated notes at Caa3.

Standard Pacific's speculative grade liquidity rating was affirmed at SGL-3. The outlook remains negative.

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