Moody's downgrades Standard Pacific

NEW YORK (AP) — Moody's Investors Service lowered all its ratings for homebuilder Standard Pacific Corp. on Friday, saying the company will generate weaker cash flow this year and even less next year amid the deep slump in the housing market.

The ratings were already below investment-grade or in so-called "junk" territory.

Moody's lowered Standard Pacific's corporate family rating to "Caa1" from "B2," senior unsecured notes to "Caa1" from "B2," and senior sub notes to "Caa3" from "Caa1." ...