Homebuilding Industry: Where's The Cash Flow? Volume 6 - Moody's Global Credit Research

Homebuilding Industry: Where's The Cash Flow? Volume 6

23 pages (13041 words) — Published Apr 22, 2008
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...The homebuilding sector in the direct line of fire from a subprime crisis that has morphed into a full-blown credit crisis has taken its share of rating hits since the summer of 2006. Now, the industry is facing the secondary effects currently rippling through the rest of the market, including fears of a possible recession. In the fifth installment of Where s the Ca sh Flow? that was published in February 2008, we asserted our view that a meaningful sector recovery was unlikely to occur before well into 2009 at the earliest. We outlined what we saw as the industry s susceptibility to further downgrades, albeit at a slower pace than in 2007, since our ratings at that time refl ected the challenging industry conditions that we believed would last through 2009. However, a different scenario may play out if the recession is upon us sentiment of some economists proves to be accurate. Under this scenario, the pace of downgrades may exceed our prior expectations. We do not,...

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Moody's Global Credit Research—Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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Moody's Global Credit Research. "Homebuilding Industry: Where's The Cash Flow? Volume 6" Apr 22, 2008. Alacra Store. Mar 03, 2015. <http://www.alacrastore.com/moodys-credit-research/Homebuilding-Industry-Where-s-The-Cash-Flow-Volume-6-PBC_108514>
Moody's Global Credit Research. (). Homebuilding Industry: Where's The Cash Flow? Volume 6 Apr 22, 2008. New York, NY: Alacra Store. Retrieved Mar 03, 2015 from <http://www.alacrastore.com/moodys-credit-research/Homebuilding-Industry-Where-s-The-Cash-Flow-Volume-6-PBC_108514>
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