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S&P Credit Research449 word report
published Nov 26, 2008
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Nov. 26, 2008--Standard&Poor's Ratings Services placed its ratings, including its 'BB-' corporate credit rating, on Miami, Fla.-based Lennar Corp. on CreditWatch with negative implications. These actions affect roughly $2.2 billion of securities. "The CreditWatch listings acknowledge the considerable operating challenges that this homebuilder faces, particularly given the company's concentration in the oversupplied California and Florida housing markets," said credit analyst James Fielding. "Our concerns have heightened in recent weeks, as growing fears of job losses and turmoil in the financial markets further weigh on already fragile consumer confidence." We will resolve the CreditWatch listings after we meet with senior management to discuss the company's cash flow projections for the coming year.
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| Brief Excerpt: | RESEARCH Ratings Definitions Lennar Corp. '##-' Ratings Placed On Watch Negative Publication date: 26-Nov-2008 Primary Credit Analyst: James Fielding, New York (1) 212-438-2452; james_fielding@standardandpoors.com Secondary Credit...
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| Report Type: | Ratings Action
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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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- Lennar Corp. Ratings Affirmed, Taken Off CreditWatch Negative; Outlook Negative $100.00
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On Dec. 29, 2008, Standard&Poor's Ratings Services affirmed its corporate credit and senior unsecured debt ratings on Lennar Corp. and removed them from CreditWatch, where they were placed with negative implications on Nov. 26, 2008. The outlook ...
- Research Update: Lennar Corp. 'BB-' Ratings Placed On Watch Negative $175.00
On Nov. 26, 2008, Standard&Poor's Ratings Services placed its ratings, including its 'BB-' corporate credit rating, on Miami, Fla.-based Lennar Corp. on CreditWatch with negative implications. These actions affect roughly $2.2 billion of securities ...
- Summary: Lennar Corp. $175.00
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 ...
