Irvine-based Standard Pacific Corp. saw its credit rating fall further into junk bond status Friday as Moody's Corp. cut its ratings for the homebuilder. Moody's cut Standard's overall debt rating to "Caa1" from "B2" and its unsecured debt rating to "Caa1" from "B2." The rating on the company's senior subordinated debt was cut to "Caa3" from "Caa1." In Moody's ratings, anything less than "Baa" is considered junk, or less than investment grade quality. Standard Pacific also was assigned a "negative" outlook on its debt ratings. Standard Pacific's cash flow "will weaken considerably in 2009 and be followed by an even weaker 2010," Moody's said.