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Barratt rules out rights issue
Housebuilder Barratt Developments quelled talk of an imminent cash call yesterday, saying debt was in line with its plans.
The group also said it expected to be able to meet loan covenants, helped by an “acceptable” start to 2009.
Barratt, the UK’s fifth largest housebuilder by market value is saddled with £1.42bn debt as of end-2008 following the acquisition of rival Wilson Bowden in 2007.
But it said it would not follow many of its rivals by raising equity at the moment.
The group saw a rise in reservations, up 4.4 per cent on a year ago.