by Calculated Risk on 11/02/2007 01:02:00 PM

From Reuters: S&P cuts D.R. Horton, Pulte debt into junk territory

Standard & Poor's ... cuts its ratings on D.R. Horton Inc and Pulte Homes Inc into junk territory, citing the vulnerability of the home builders to the deteriorating housing market and macroeconomic conditions.
...
The outlook for both companies is negative, indicating an additional cut is likely over the next two years.

No surprise.