Homebuilding Industry: Where's The Cash Flow?, Volume 2 - Special Comment - 2007/04/24 - Moody's Global Credit Research

Report title: Homebuilding Industry: Where's The Cash Flow?, Volume 2

from Moody's Global Credit Research
16 page (9088 word) report published Apr 24, 2007

Price $550.00 available for immediate download

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...Homebuilders continue to struggle with meager cash flow - a trend first documented by Mood y's in December - providing fresh evidence that the impact of the current protracted downturn has eclipsed past slowdowns in key respects. More than half the homebuilding industry remains in negative cash flow territory as we now head into what is widely viewed as the sixth quarter of the current downturn. On an LTM (last ##-month) basis, the number of homebuilders reporting posi- tive cash flow generation now stands at ten, up from six at the time of our December report, but still less than half the indus- try. Homebuilders are continuing to cope with stubbornly high inventories amid the continued decimation of earnings and EBITDA. Consequently, more and more issuers are increasingly likely to face cha llenges in complying with their current interest coverage covenants and to require waivers and covenant relief from their banking groups. That compa- nies are facing difficulties complying with these...

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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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