(Reuters) - "The downgrade is based on Moody's projections that the
company will come very close to violating its 2.0 times
interest coverage covenant in fiscal 2007," Moody's said. "The
downgrade also reflects the deterioration of the company's
other earnings-based metrics, including return on assets and
gross margins, into the B ratings category."
Moody's cut Beazer's corporate family rating by one notch
to "Ba2," two levels below investment grade, from "Ba1." The
outlook is negative, indicating an additional cut is likely
over the next 12 to 18 months.
Read more at Reuters.com Bonds News
company will come very close to violating its 2.0 times
interest coverage covenant in fiscal 2007," Moody's said. "The
downgrade also reflects the deterioration of the company's
other earnings-based metrics, including return on assets and
gross margins, into the B ratings category."
Moody's cut Beazer's corporate family rating by one notch
to "Ba2," two levels below investment grade, from "Ba1." The
outlook is negative, indicating an additional cut is likely
over the next 12 to 18 months.
Read more at Reuters.com Bonds News
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