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S&P Credit Research2006 word report
published Aug 18, 2008
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S&P Credit Research
| Abstract: | Lower overhead cost structure contributing to improved operating profit margins, albeit off previously negligible levels; Moderate levels of direct financial obligations and a manageable maturity schedule; and Adequate liquidity including significant cash balances resulting from a large land sale and a significant tax refund. Extremely challenging housing market conditions driving large net losses on a GAAP basis; Significant potential capital needs relating to Lennar's sizeable joint venture investments; and Possible covenant pressures due to depreciating real estate values. The ratings on Lennar Corp. reflect very weak housing market conditions and our growing concern that Lennar's sizeable off-balance-sheet investments may require additional capital, which could weaken the homebuilder's currently adequate liquidity position. Although operating trends remain weak and the company continues
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| Brief Excerpt: | RESEARCH Ratings Definitions Lennar Corp. Publication date: 18-Aug-2008 Primary Credit Analyst: James Fielding, New York (1) 212-438-2452; james_fielding@standardandpoors.com Secondary Credit Analyst: George Skoufis, New York (1)...
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| Report Type: | Full Report
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| Ticker: | LEN
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| Issuer: | Lennar Corp.
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| GICS: | Homebuilding (25201030)
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| Sector: | Asset-Backed Securities, Corporations, Global Issuers, Homebuilders, Real Estate Companies, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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