Macro Tsimmis

intelligently hedged investment

Beazer Homes (BZH) update #6

Posted by intelledgement on Wed, 26 Mar 08

Our housing industry short, BZH, got tagged today with a credit rating downgrade. Moody’s cut Beazer’s commercial paper from B1 to B2 (that is from “junk” to “junkier”), and initiated a review process for a possible further downgrade. A statement issued by the credit ratings agency cited worsening housing industry conditions in general and concerns about Beazer’s ongoing legal travails in particular in explaining the downgrade.

BZH closed today at $8.75, down 14% on the day.

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