Dec. 19 (Bloomberg) -- D.R. Horton Inc., the fourth-largest U.S. homebuilder, had its credit ratings cut to junk by Moody's Investors Service.

The ratings were lowered to Ba1 on concern that a housing recovery won't begin before 2009, New York-based Moody's said today in a statement. The ratings affect about $3.6 billion of debt.

To contact the reporter on this story: Alan Mirabella in New York at amirabella@bloomberg.net.

Last Updated: December 19, 2007 14:33 EST