Barratt rules out rights issue

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