Moody's cuts William Lyon notes to C

Moody's Investors Service said it lowered the probability-of-default rating of William Lyon Homes to Ca from Caa2 following its cash tender for up to $40 million of outstanding senior notes.

Following completion of the distressed exchange, the agency said it will likely restore the company's probability-of-default rating to Caa2.

The agency also lowered the senior unsecured notes to C (LGD5, 84%) from Caa3 (LGD5, 72%).

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