Homebuilder TOUSA Sees Rating Reduction, BK Being "Considered"

Update: from Reuters: Moody's may cut Technical Olympic deeper into junk (hat tip Mike)

From Bloomberg (no link yet, hat tip Brian): TOUSA, Florida Homebuilder, May See Rating Reduction

TOUSA ... will see its debt rating slashed to default status if it fails to make Jan. 1 interest payments on senior notes, Standard & Poor's said today.
...
TOUSA is considering several restructuring options, including a potential Chapter 11 filing, S&P said.

TOUSA was the #13 largest builder in 2006 according to BuilderOnline. I believe the largest home builder to go bankrupt so far was #50 Levitt & Sons. Here is the BuilderOnline top 100.