Moody's assigns B2 Corporate Family Rating and B2 to notes of Forestar
Moody's Investors Service ("Moody's") assigned to Forestar Group, Inc. ("Forestar") a B2 Corporate Family Rating ("CFR"), a B2-PD Probability of Default, a B2 rating to the company's $119 million of senior convertible notes, and an SGL-3 speculative grade liquidity ...Forestar Group is a residential lot development company. The company manages its operations through its real estate reporting segment. The majority of the company's real estate projects are single-family residential communities. The company acquires land for use in its development operations. The company's land development work is performed by subcontractors. The company monitors land development activities, participates in main decisions, coordinates the activities of subcontractors and suppliers, reviews the work of subcontractors and monitors compliance with building codes or other regulations. The company also makes short term investments in finished lots and undeveloped land with the intent to sell these assets within a time period.
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