Moody's lowers Champion Home

Moody's Investors Service said it downgraded the corporate family rating and probability of default rating to Caa3 from Caa1, but has relocated these ratings to Champion Home Builders Co. as Champion Enterprises, Inc. no longer has any rated debt since the company repaid its 7.625% senior secured notes due 2009.

According to the agency, Champion Enterprises is a holding company that conducts its operations though Champion Home Builders Co. and its subsidiaries.

The speculative-grade liquidity remains SGL-4, the agency said.

The outlook is negative.

Moody's said that the downgrades reflect the greater than expected deterioration in Champion's operating performance due to the continued downturn in the global economy and reduced demand for manufactured housing and modular homes.

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