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S&P Cuts Beazer Homes Deeper Into "junk" Territory

Stock quotes in this article: BZH  

NEW YORK (AP) — Standard & Poor's Ratings Services on Tuesday cut its corporate credit rating on Beazer Homes USA Inc. further into junk territory on concerns the Atlanta-based homebuilder will breach financial covenants without refinancing.

S&P lowered its corporate credit rating on Beazer to "CCC" from "CCC+," and cut its ratings on the company's senior unsecured notes to "CCC-" from "CCC." The outlook is negative.

The ratings are both considered below investment grade, or "junk" status. ...

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