Fitch affirms Toll Brothers

Fitch Ratings said it affirms Toll Brothers, Inc.'s ratings as follows: issuer default rating at BBB, senior unsecured BBB, unsecured bank credit facility BBB and senior subordinated debt BBB-.

Fitch said it has also revised Toll's outlook to negative from stable.

The agency added that the negative outlook for Toll reflects a more challenging outlook for homebuilders during the balance of calendar 2007 and probable future weakening in the housing market in 2008.

Fitch noted that it has also taken into account the current and expected near-term deterioration in credit metrics which are similar to the trends being experienced by others in the industry and persistent high cancellation rates which add to speculative inventory totals.

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