S&P drops William Lyon

Standard & Poor's said it lowered its rating on William Lyon Homes' 10.75% senior unsecured notes due 2013 to D from CC after the company repurchased $10.5 million of outstanding principal for $9 million.

The agency said it also revised its outlook to negative from developing while it affirmed its CCC corporate credit rating, which continues to reflect a vulnerable business risk profile, as well as risks associated with a highly leveraged capital structure.

Lastly, the agency said it affirmed its CC ratings on the company's senior notes due in 2012 and 2014.

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