Homebuilding Industry: Where's The Cash Flow? Volume 6
23 pages (13041 words) —
Published Apr 22, 2008
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| Brief Excerpt: | ...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 ####. 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 ####, we asserted our view that a meaningful sector recovery was unlikely to occur before well into #### at the earliest. We outlined what we saw as the industry s susceptibility to further downgrades, albeit at a slower pace than in ####, since our ratings at that time refl ected the challenging industry conditions that we believed would last through ####. 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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| Report Type: | Special Comment |
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| Format: | | PDF |  |
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