D.R. Horton, Inc. http://www.alacrastore.com/company-snapshot/D_R_Horton_Inc-1062580 Monday, October 13, 2008 12:29:28 PM 1062580 D.R. Horton, Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/409668_report_framefitch/409668_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Beazer Homes USA, Inc.Centex CorporationD.R. Horton, Inc.Hovnanian Enterprises, Inc.KB HomeLennar CorporationM/I Homes, Inc.MDC Holdings, Inc.Meritage CorporationNVR, Inc.Pulte Homes, Inc.Standard Pacific CorporationThe Ryland Group, Inc.Toll Brothers, Inc.8008992280090412800906278009109680091167800912378009141580091751800920808009235980361521804171798061045581199689812590508217602910/10/2008 2:11:00 PM010300000103240001040000375Industry CommentsBZHCTXDHIHOVKBHLENMDCMHOMTHNVRPHMRYLSPFTOL409668_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/75121cs/75121norm Housing Weekly Monitor: Dude, Where's My Credit? As home builders continue to experience tough operating conditions and generate poor performance, covenant violations on bank agreements remain an acute issue.  Violations of bank covenants...751213886YesD0Article5011141502101257153957281957450720635675682048corphy369Housing Weekly Monitor42High Yield10/10/2008 12:13:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to provide a more complete overview of the sector. We discuss bank agreements.75121Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/bir/266912bir/266912normD.R. Horton Inc.Horton D.R. Inc.D.R. Horton Custom Homes Inc.Schuler Homes Inc.Melody Homes Inc.Melody HomesD.R. Horton-Emerald Ltd.United StatesConstruction: Custom single-family homes.152123611517HMDHI10/9/2008 6:10:02 AM266912Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/newstex/PZM-0001-28575354newstex/PZM-0001-28575354xml Oct. #, #### (GlobeNewswire delivered by Newstex) -- NEW YORK, Oct. #, #### (GLOBE NEWSWIRE) -- Dow Jones Indexes, a leading global index provider, today announced component changes in the Dow Jones Global Select Dividend Index, Dow...0400000004002000040170000401700210/6/2008 6:05:34 PM1800000018005000180220001900000019002000190020181900200719002013190020091900200419002014GlobeNewswirePZM-0001-28575354FIRST HORIZON NATIONAL CORPHORTON D R INCREGIONS FINANCIAL CORPSOCIETE GENERALEDHIFHNRFSCREFNewsNewstexhttp://www.alacrastore.com/storecontent/cs/74865cs/74865norm Housing Weekly Monitor: What's In Your Wallet? Now that liquidity has become extremely precious, funding for builders and the ability to obtain a mortgage by a prospective buyer could contribute to the next level of distress for major...748654368YesD0Article1012501574502819571114157253956856750720632048corphy37069Housing Weekly Monitor42High Yield10/3/2008 4:11:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to provide a more complete overview of the sector. We discuss builders' current liquidity position.74865Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74606cs/74606norm Housing Weekly Monitor: No Bailout For Home Builders After an immediate show of bipartisan support for a government effort to address the extreme credit and liquidity crisis in the economy, that show of ideological unity has quickly...74606571819114157253956850756720632048corphy369Housing Weekly Monitor54Euro Markets Issuers42High Yield9/26/2008 4:14:43 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis of the sector. We discuss the current bailout proposal and home sales.5741YesD0Article101250157450274606Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74356cs/74356norm Housing Weekly Monitor: Credit Risk-Killing Me Softly, Liquidity Risk-Killing Me Instantly The resurgence of credit and liquidity concerns of major financial institutions this past week reached a new level as heighten systemic risk...743565316YesD0Article5011141502101257153957281957450720635675682048corphy369Housing Weekly Monitor42High Yield9/19/2008 4:12:31 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. We discuss the market turmoil and effects on housing.74356Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74067cs/74067norm Housing Weekly Monitor: The Adoption of Fannie and Freddie With the announcement that the U.S. government took over Fannie Mae and Freddie Mac this week, the housing sector reacted positively to the action as lower mortgage rates are...4123YesD05011141502101257153957281957450720635675682048corphy369Housing Weekly Monitor42High Yield9/12/2008 2:12:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. We discuss the Freddie and Fannie takeover.74067Article74067Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73779cs/73779norm Housing Weekly Monitor: August Performance - Treasury Driven, Credit Weaken Bonds of homebuilding and building materials companies posted better performance for August, a result driven mainly by favorable shifts in the Treasuries as...737794834YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor9/5/2008 7:11:59 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This month we review August performance.73779Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73605cs/73605norm Housing Weekly Monitor: Basement Bargain Prices Several housing indicators reported this week suggest that the weakness in the housing market is starting to somewhat abate. Before we believe that a bottom is truly reached, we would...736051442YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor8/29/2008 11:31:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This week we assess home sales and prices.73605Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73213cs/73213norm Housing Weekly Monitor: Stacking Up The OREOs - If They Were Only Cookies The National Association of Realtors released existing home sales data for #Q## which fell #.#% q-o-q and ##.#% y-o-y.  However, #Q## existing-home sales in ##...819567507574corphy342High Yield69Housing Weekly Monitor8/15/2008 3:10:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. We discuss existing home sales and foreclosure data.568732133863YesD0Article114150150257253957173213Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72894cs/72894norm Housing Weekly Monitor: July Performance - Poor Grades For Both Grades Homebuilding bonds posted another weak monthly performance in July as earnings reports and economic and housing data continue to paint a bleak picture for the sector. ...728943770YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor8/8/2008 5:10:39 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This week we review July performance.72894Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72583cs/72583norm Housing Weekly Monitor: Nightmare On Main Street Deteriorating home values place enormous pain on homebuilders as they have to write-down inventory values and sustained earning losses and depletion in capitalization. The release of...574corp342High Yield69Housing Weekly Monitorhy8/1/2008 4:12:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This week we focus on prices and legislation.725835373YesD0Article114150150257253957181956856750772583Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72199cs/72199norm Housing Weekly Monitor: Stay Home Investors' outlook for the homebuilding sector started on a positive note during the beginning of the week.  None of that mattered when the report on existing home sales was released yesterday.  Furthermore,...721994419YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor7/25/2008 12:10:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. We review existing home sales, Ryland, and Pulte.72199Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/660480spcred/660480normThe latest Summary from S&Pglobalstructuredpubfin7/18/2008 6:30:00 PM175Summary660480United StatesHomebuildingUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsReal Estate CompaniesHomebuildersSummaryThe ratings and outlook on D.R. Horton Inc. reflect very weak market conditions that will likely continue to pressure Horton's earnings. While the company has successfully reduced inventory and speculative units, these volumes are still higher than those of many peers and expose Horton to added pricing pressure and potential future impairments. Liquidity appears sufficient, but Horton may need to tap its on-balance-sheet liquidity to meet near-term maturities if the company's recent cash flow generation begins to wane. Offsetting these credit issues are the company's still moderately leveraged balance sheet, strong discretionary cash flow, access to a still-sizable bank line, and minimal exposure to joint venture investments. Fort Worth, Texas-based Horton's operating results continue to face pressures. A decline inUSA23331A25201030 252010 2520 25D.R. Horton Inc.129726USADHISUMMARYGLOBISSSTRUCPUBFINCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660478spcred/660478normThe latest Full Report from S&Pglobalstructuredpubfin7/18/2008 3:30:36 PM400Full Report660478United StatesHomebuildingUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsReal Estate CompaniesHomebuildersFull ReportHorton entered this housing downturn with a moderately leveraged balance sheet and has used free cash flow to reduce debt and enhance liquidity. This has helped to balance its asset impairments and keep debt leverage in check. The company has no off-balance-sheet transactions, which promotes highly transparent reporting compared with many of its peers. Horton has maintained good liquidity through this housing cycle. Its homebuilding operations had nearly $519 million of cash and equivalents, $1.3 billion available under its revolver, and about $1.4 billion in discretionary cash flow for the 12 months ended March 31, 2008. The company has reduced its on-balance-sheet inventory significantly (by roughly 40% from the cycle's $11.9 billion peak), including standing speculative units. Despite the recentUSA23331A25201030 252010 2520 25D.R. Horton Inc.129726USADHIFULLGLOBISSSTRUCPUBFINCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/71801cs/71801norm Housing Weekly Monitor: Huff and Puff, Blow Your House Down The current slide in home prices has been the correction mechanism to hopefully clear oversupply caused by years of euphoric building by the homebuilding sector.  Of course,...718013764YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor7/17/2008 11:12:00 PM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This week we examine June construction activity.71801Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/392718_report_framefitch/392718_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Beazer Homes USA, Inc.Centex CorporationD.R. Horton, Inc.Hovnanian Enterprises, Inc.KB HomeLennar CorporationM/I Homes, Inc.MDC Holdings, Inc.Meritage CorporationNVR, Inc.Pulte Homes, Inc.Standard Pacific CorporationThe Ryland Group, Inc.Toll Brothers, Inc.800899228009041280090627800910968009116780091237800914158009175180092080800923598036152180417179806104558119968981259050821760297/11/2008 2:08:06 PM010300000103240001040000375Industry CommentsBZHCTXDHIHOVKBHLENMDCMHOMTHNVRPHMRYLSPFTOL392718_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/71507cs/71507norm Housing Weekly Monitor: Unemployment - Stalking Dragon The housing sector will suffer another serious setback as problems with high inventory will be intensified by the loss of jobs and the rise of interest rates.  And here is what...715075462YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor7/10/2008 10:12:00 PM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This week we discuss employment.71507Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71087cs/71087norm Housing Weekly Monitor: Home Sales-Feast and Famine Sales of homes in the U.S. continued to look anemic based on May data released this past week but there were some signs that the downturn in sales is close to the bottom.   We believe...710876614YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor6/27/2008 2:11:54 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This week we discuss home sales and prices.71087Credit & Investment ResearchCreditSights