The Ryland Group, Inc. http://www.alacrastore.com/company-snapshot/The_Ryland_Group_Inc-1014495 Friday, January 09, 2009 6:17:07 AM 1014495 The Ryland Group, Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/419290_report_framefitch/419290_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.Pulte Homes, Inc.MGM Mirage IncSeagate Technology, Inc.International Rectifier CorporationTRW Automotive Holdings Corp.Lennar CorporationBeazer Homes USA, Inc.Hovnanian Enterprises, Inc.Potlatch CorporationM/I Homes, Inc.Spansion IncMeritage CorporationCharter Communications, Inc.Centex CorporationContinental Airlines, Inc.KB HomeStandard Pacific CorporationD.R. Horton, Inc.The Ryland Group, Inc.Qwest Communications International, Inc.80089932800899228119968982176029800910968009208080417179859178738009029780092359803615218009062780610455800914158009104982728699800902028049638881199635800904128452208812/19/2008 6:35:00 PM0103130001032400010304000103120001031302010312010104000001030800010300000103050001032100275NewsletterSPFLENSPSNCHTRMTHIRFMGMSTXHOVPHMPCHCTXBZHMHOCALDHIKBHQTRWRYL419290_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/419162_report_framefitch/419162_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.NVR, Inc.Beazer Homes USA, Inc.Hovnanian Enterprises, Inc.M/I Homes, Inc.Standard Pacific CorporationD.R. Horton, Inc.KB HomeCentex CorporationLennar CorporationToll Brothers, Inc.Pulte Homes, Inc.MDC Holdings, Inc.The Ryland Group, Inc.Meritage Corporation80091167800914158009175180090627800912378061045580089922821760298041717980091096800920808119968980090412800923598036152112/19/2008 10:21:00 AM010324000103000001040000275Special ReportMHOLENSPFKBHTOLNVRHOVDHIPHMMDCMTHRYLCTXBZH419162_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/453498_pr_framefitch/453498_pr_framehtmlFitch 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.Standard Pacific CorporationM/I Homes, Inc.KB HomeMeritage CorporationBeazer Homes USA, Inc.The Ryland Group, Inc.D.R. Horton, Inc.Pulte Homes, Inc.MDC Holdings, Inc.Centex CorporationNVR, Inc.Toll Brothers, Inc.Lennar CorporationHovnanian Enterprises, Inc.800914158217602981199689803615218009235980610455800912378008992280091167800906278009208080090412800917518009109612/15/2008 2:18:00 PM01030000010324000104000085Press ReleaseBZHMHOLENCTXRYLMDCKBHNVRDHIPHMHOVSPFMTHTOL453498_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/453392_pr_framefitch/453392_pr_framehtmlFitch 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.The Ryland Group, Inc.8009062712/12/2008 6:29:00 PM010324000103000085Press ReleaseRYL453392_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_168085_653143moodys/PR_168085_653143htmlGlobal Credit Research Rating Action ## NOV #### Rating Action: Ryland Group, Inc. (The) Moody's downgrades Ryland Approximately $### million of debt securities affected New York, November ##, #### -- Moody's Investors Service downgraded...11/27/2008 1:24:35 AMhtmlRyland Group, Inc. (The)Ryland Group, Inc. (The)653143150.0000NewsRating ActionPR_168085_653143Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_168030_653143moodys/PR_168030_653143htmlGlobal Credit Research Rating Action ## NOV #### Rating Action: Ryland Group, Inc. (The) Moody's downgrades four Ba# homebuilders Approximately $#.# billion of debt securities affected New York, November ##, #### -- Moody's Investors...11/27/2008 1:24:34 AMhtmlRyland Group, Inc. (The)D.R. Horton, Inc.Pulte Homes, Inc.KB HOMED.R. Horton, Inc.; KB HOME; Pulte Homes, Inc.; Ryland Group, Inc. (The)653143600013913524400449900150.0000NewsRating ActionPR_168030_653143Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/B1985762ccbn/B1985762norm...These achievements did not result in a profitable qtr. but they did put Co. in a position to survive and ultimately thrive as a homebuilding market evolves. ... 10/23/2008 2:10:00 PMRyland Group54.0000EditedRyland Group Q3 2008 Earnings Conference Call SummaryRYL9:00am PTBriefB1985762Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1985762ccbn/T1985762norm...Please stand by for realtime transcript. Good day, Ladies and Gentlemen, and thank you for participating in the Ryland Group #### Third Quarter results Conference Call. The company will first share its prepared comments followed by a question and answer session. We would like to remind this call is being recorded. At this time, we would like to turn the call over to Mr. Drew Mackintosh, Vice President Investor Relations. Please begin. ... 10/23/2008 1:07:00 PMRyland Group54.0000FinalRyland Group Q3 2008 Earnings Conference Call TranscriptRYL9:00am PTTranscriptT1985762Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/fitch/411012_report_framefitch/411012_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.The Ryland Group, Inc.Standard Pacific CorporationLennar CorporationMDC Holdings, Inc.Toll Brothers, Inc.NVR, Inc.Meritage CorporationPulte Homes, Inc.Hovnanian Enterprises, Inc.Beazer Homes USA, Inc.Centex CorporationD.R. Horton, Inc.KB HomeM/I Homes, Inc.80091167800899228009141582176029800912378009235980417179800917518061045580091096800920808036152180090412800906278119968910/21/2008 6:28:00 PM010324000104000001030000275Special ReportNVRSPFMDCCTXMTHRYLKBHPHMTOLHOVDHILENMHOBZH411012_report_frameCredit & Investment ResearchFitch Researchhttp://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.Centex CorporationToll Brothers, Inc.KB HomeMDC Holdings, Inc.Standard Pacific CorporationM/I Homes, Inc.The Ryland Group, Inc.Beazer Homes USA, Inc.D.R. Horton, Inc.Meritage CorporationNVR, Inc.Hovnanian Enterprises, Inc.Lennar CorporationPulte Homes, Inc.8125905080091415800920808009109680091751800911678217602980090627811996898041717980089922803615218009041280610455800923598009123710/10/2008 2:19:00 PM010300000104000001032400375Industry CommentsRYLHOVMTHPHMSPFKBHNVRMDCMHOTOLBZHCTXLENDHI409668_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PBC_101442moodys/PBC_101442pdf... Copyright ####, Moody s Investors Service, Inc. and/or its li censors and affiliates including Moody s Assurance Company, Inc. (together, ... 10/4/2008 8:29:47 PMpdfRyland Group, Inc. (The)Ryland Group, Inc. (The)653143300.00AnalysisAnalysisPBC_101442Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/bir/307532bir/307532normRyland Group Inc.Scott Felder Homes Inc.The Ryland Group Inc.United StatesConstruction: Builder of detached and attached single-family homes. Finance: Mortgage banking firm.1531616223611752229217FKRYL10/4/2008 6:13:00 AM307532Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/666317spcred/666317normThe latest Full Report from S&Pglobalstructuredpubfin8/20/2008 10:40:00 AM400Full Report666317United StatesHomebuildingUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsReal Estate CompaniesHomebuildersFull ReportA geographically diversified operating platform with comparably less exposure to oversupplied coastal and southwestern housing markets; Limited exposure to potential off-balance-sheet obligations; and Superior EBITDA-based credit metrics relative to most homebuilding industry peers. Deteriorating earnings as a consequence of very competitive conditions in many of the company's housing markets; Higher leverage levels because impairments have eroded shareholder equity; and Limited liquidity due to weaker-than-anticipated discretionary cash flow and potential covenant pressure. The ratings on Ryland reflect the company's relatively limited liquidity and our expectations for deteriorating housing market conditions to continue pressuring profitability over the next year. Ryland amended its revolving credit facility in June 2008 to provide additional room under its tangible-net-worth covenant. This amendment reduced the size ofUSA78377E78376425201030 252010 2520 25Ryland Group Inc. (The)105607USARYLFULLGLOBISSSTRUCPUBFINCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/666318spcred/666318normThe latest Summary from S&Pglobalstructuredpubfin8/20/2008 10:40:00 AM175Summary666318United StatesHomebuildingUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsReal Estate CompaniesHomebuildersSummaryThe ratings on Ryland reflect the company's relatively limited liquidity and our expectations for deteriorating housing market conditions to continue pressuring profitability over the next year. Ryland amended its revolving credit facility in June 2008 to provide additional room under its tangible-net-worth covenant. This amendment reduced the size of the revolver to $550 million from $750 million. While the amendment lowered the company's tangible-net-worth covenant to $600 million from $850 million, Ryland only had $214 million of cushion above this covenant as of June 31, 2008. However, reasonable debt levels, minimal near-term maturities, and positive operating cash flow support the current ratings. Southern California-based Ryland is one of the nation's largest homebuilders, delivering 8,927 homes over the 12 months endedUSA78377E78376425201030 252010 2520 25Ryland Group Inc. (The)105607USARYLSUMMARYGLOBISSSTRUCPUBFINCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665518spcred/665518normThe latest Research Update from S&Pglobalstructuredpubfin8/15/2008 3:49:40 PM175Research Update665518United StatesHomebuildingUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsReal Estate CompaniesHomebuildersResearch UpdateOn Aug. 15, 2008, Standard&Poor's Ratings Services lowered its corporate credit and unsecured debt ratings on The Ryland Group Inc. (Ryland) to 'BB-' from 'BB+', affecting roughly $750 million in rated debt securities. The recovery rating on the company's senior unsecured debt remains unchanged at '4' and the outlook remains negative (see list). The corporate downgrade reflects Ryland's relatively limited liquidity and our expectations for deteriorating housing market conditions to continue pressuring profitability over the next year. Ryland amended its revolving credit facility in June 2008 to provide additional room under its tangible-net-worth covenant. This amendment reduced the size of the revolver to $550 million from $750 million. While the amendment lowered the company's tangible-net-worth covenant to $600USA78377E78376425201030 252010 2520 25Ryland Group Inc. (The)105607USARYLRESUPDGLOBISSSTRUCPUBFINCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665517spcred/665517normThe latest News from S&Pglobalstructuredpubfin8/15/2008 3:49:00 PM100News665517United StatesHomebuildingUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsReal Estate CompaniesHomebuildersNewsNEW YORK (Standard&Poor's) Aug. 15, 2008--Standard&Poor's Ratings Services today lowered its corporate credit and unsecured debt ratings on The Ryland Group Inc. (Ryland) to 'BB-' from 'BB+', affecting roughly $750 million in rated debt securities. The recovery rating on the company's senior unsecured debt remains unchanged at '4' and the outlook remains negative. "The corporate downgrade reflects Ryland's relatively limited liquidity and our expectations for deteriorating housing market conditions to continue pressuring profitability over the next year," said credit analyst Lisa Wright. "Ryland amended its revolving credit facility in June 2008 to provide additional room under its tangible-net-worth covenant. This amendment reduced the size of the revolver to $550 million from $750 million." Ms. Wright addedUSA78377E78376425201030 252010 2520 25Ryland Group Inc. (The)105607USARYLNEWSGLOBISSSTRUCPUBFINCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/B1885151ccbn/B1885151norm...Due to pretax charges associated with inventory and valuation allowances related to deferred tax assets, recorded a per share loss of $#.##. ... 7/24/2008 10:14:00 PMRyland Group54.0000EditedRyland Group Q2 2008 Earnings Conference Call SummaryRYL9:00am PTBriefB1885151Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1885151ccbn/T1885151norm...Good day, ladies and gentlemen, and welcome to the Ryland Group second quarter results conference call. (OPERATOR INSTRUCTIONS).And now ladies and gentlemen your host for today's conference, Drew Mackintosh, Vice President of Investor Relations. Sir, please begin. ... 7/24/2008 1:04:00 PMRyland Group54.0000FinalRyland Group Q2 2008 Earnings Conference Call TranscriptRYL9:00am PTTranscriptT1885151Credit & Investment ResearchThomson StreetEventshttp://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.The Ryland Group, Inc.Centex CorporationM/I Homes, Inc.Meritage CorporationBeazer Homes USA, Inc.Hovnanian Enterprises, Inc.Lennar CorporationD.R. Horton, Inc.MDC Holdings, Inc.Standard Pacific CorporationPulte Homes, Inc.NVR, Inc.KB HomeToll Brothers, Inc.800906278009116780361521800917518009123780091415800920808009235980089922821760298061045580417179812590508009109680090412811996897/11/2008 2:14:00 PM010300000104000001032400375Industry CommentsLENKBHMDCPHMMHOMTHSPFHOVRYLNVRBZHTOLCTXDHI392718_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/ccbn/T1873821ccbn/T1873821norm...Ryland is presenting next. From Ryland we have three people presenting. First off we have Larry Nicholson, COO. We also have Gordon Milne, the CFO. And we also have Drew Mackintosh from Investor Relations. Without further ado I will turn it over to Ryland. Thank you. ... 6/19/2008 11:04:00 AMRyland Group54.0000FinalRyland Group at Bank of America Securities Homebuilders Conference TranscriptRYL9:40am ETTranscriptT1873821Credit & Investment ResearchThomson StreetEvents