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S&P cuts WCI Communities
Standard & Poor's said it lowered its corporate credit rating on WCI Communities Inc. to B+ from BB-.
Concurrently, the rating on roughly $650 million of subordinated debt was lowered to B- from B, the agency said.
The outlook remains negative.
The downgrades acknowledge increasing liquidity pressures resulting from delayed home closings and worsening new order trends, the agency noted.
During fourth-quarter 2006, delays in the timing of completion of certain residential towers and significant cancellations reduced the number of home closings and consequent cash flow available to repay WCI's high debt balance, the agency said.
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