FORT WORTH, Texas, April 5 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.,
America's Builder (NYSE: DHI), the largest homebuilder in the United States,
Wednesday (April 5, 2006) announced that Standard and Poor's Ratings Services
raised D.R. Horton's corporate credit rating to an investment grade BBB- from
BB+. S&P also raised the ratings on D.R. Horton's senior notes to BBB- from
BB+ and on its senior subordinated debt to BB+ from BB-. The outlook was
revised from positive to stable.
"The upgrades acknowledge Horton's maintenance of a moderate and
comparatively transparent financial profile, a broad geographic and product
platform that provides good stability to operating earnings, and a
demonstrated commitment to an internal growth strategy," according to Standard
and Poor's.
Donald R. Horton, Chairman of the Board, said, "We are pleased to receive
Standard & Poor's investment grade rating which recognizes our industry
financial leadership, our consistent focus on controlling our SG&A and
construction costs and our transparent balance sheet with no unconsolidated
joint ventures. We have now achieved investment grade ratings from all three
rating agencies."
D.R. Horton, Inc., America's Builder, is the largest homebuilder in the
United States, delivering more than 51,000 homes in its fiscal year ended
September 30, 2005. Founded in 1978 in Fort Worth, Texas, D.R. Horton has
expanded its presence to include 77 markets in 26 states in the Mid-Atlantic,
Midwest, Southeast, Southwest and Western regions of the United States. The
Company is engaged in the construction and sale of high quality homes with
sales prices ranging from $90,000 to over $900,000. D.R. Horton also provides
mortgage financing and title services for homebuyers through its mortgage and
title subsidiaries.
WEBSITE ADDRESS:
http://www.DRHORTON.com
SOURCE: D.R. Horton, Inc.
CONTACT: Stacey Dwyer, EVP of D.R. Horton, Inc., +1-817-390-8200
Web site: http://www.DRHORTON.com
