Report title: Lennar Corp. Ratings Affirmed, Taken Off CreditWatch Negative; Outlook Negative
from S&P Credit Research
published Dec 29, 2008

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NEW YORK (Standard&Poor's) Dec. 29, 2008--Standard&Poor's Ratings Services today affirmed its 'BB-' 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 is negative. These actions affect roughly $2.2 billion of securities. "We removed our ratings from CreditWatch after Lennar released fourth-quarter results that revealed a higher number of closings than anticipated, improved gross margins, and positive operating cash flow," said Standard&Poor's credit analyst James Fielding. "More importantly, we now believe that Lennar's near-term off-balance-sheet capital needs will be manageable and that its current liquidity sources are sufficient to fund all identified financial obligations, including debt

Report Type: Ratings Action
Ticker: LEN
Issuer: Lennar Corp.
GICS: Homebuilding (25201030)
Sector: Asset-Backed Securities, Corporations, Global Issuers, Homebuilders, Real Estate Companies, Structured Finance
Country: United States
Region: United States
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