Standard Pacific ratings are cut

From Times Wire Services

Standard Pacific Corp., the Irvine home builder that has lost 85% of its value in the last year, had its ratings lowered by Moody's Corp. over "lingering uncertainty" about its ability to pay back debt.

Standard Pacific's corporate family rating was lowered to B2 from B1, its senior unsecured notes cut to B2 from B1 and its senior subordinated notes reduced to Caa1 from B3, New York-based Moody's said in a statement.

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