Fitch affirms D.R. Horton

Fitch Ratings said it affirmed D.R. Horton Inc.'s issuer default rating at BB.

The outlook is stable.

The ratings reflect the company's strong liquidity position, the successful execution of its business model, geographic and product line diversity, steady capital structure and the still challenging U.S. housing environment, Fitch said.

Recent macroeconomic housing statistics are weak and disappointing, especially during the month of February, the agency said.

Although March statistics showed some improvement, April data eased again for starts and existing home sales, Fitch said.

But the company successfully managed its balance sheet during the housing downturn and generated significant operating cash flow, the agency said.

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