Moody's: William Lyon Homes Ca

Moody's Investors Service said it assigned a Ca/LD (limited default) probability of default rating to William Lyon Homes, Inc.

This action follows news that the company had not made a required interest payment on its 10¾% senior unsecured notes within the 30-day grace period, Moody's said.

The agency also said it affirmed the C (LGD 5, 76%) rating on William Lyon's senior unsecured notes and the Ca corporate family rating,

The outlook remains negative.

By Moody's definition, the failure to make timely interest payments constitutes a limited default.

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