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S&P Credit Research2337 word report
published Sep 02, 2009
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| Abstract: | The pace of deterioration in Lennar's new orders appears to be slowing, and gross margins on home sales are firming; Lennar has moderate adjusted debt levels relative to similarly rated peers; and The company's cash balances are substantial and sufficient to fund its near-term financial obligations, in our view. Recent losses have eroded shareholder equity and increased pressure under certain credit facility covenants; Lennar's longer land position may contribute to additional noncash impairment charges over the intermediate term; and The company has contingent and direct liabilities related to its substantial investment in off-balance-sheet joint ventures that may weaken its liquidity profile. Our ratings on Lennar Corp. reflect this homebuilder's large net losses in recent quarters and its substantial capital needs
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| Brief Excerpt: | RESEARCH Ratings Definitions Lennar Corp. Publication date: 02-Sep-2009 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: | Global Issuers, 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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