from
S&P Credit Research622 word report
published Apr 24, 2009
Price
$100.00 available for immediate download
Report Overview
Search Inside
About
S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) April 24, 2009--Standard&Poor's Ratings Services today assigned its 'BB-' rating to Lennar Corp.?s $400 million 12.25% senior unsecured note issue, due 2017. Concurrently, Standard&Poor's determined that the debt offering and other recently disclosed events would not immediately affect its corporate credit rating on Lennar. Lennar plans to use proceeds for general corporate purposes, including repayment or repurchase of its near-term debt maturities or recourse debt within its joint ventures. In our opinion, this expensive capital will improve Lennar's liquidity profile, particularly if it is supplemented by a sizeable equity offering. To that point, Lennar recently entered into an agreement to issue up to $275 million of common stock from time to
|
| Brief Excerpt: | RESEARCH Ratings Definitions Lennar Corp.aÇÖs $400 Million Unsecured Note Offering Assigned '##-' Rating Publication date: 24-Apr-2009 Primary Credit Analyst: James Fielding, New York (1) 212-438-2452; james_fielding@standardandpoors.com...
|
| 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
|
| Free Sample: |
Click Here to Download
|
| Format: | | HTML |  |
|
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.
Also from S&P Credit Research
- Lennar Corp. $400.00
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 ...
- Summary: Lennar Corp. $175.00
Our ratings on Lennar Corp. reflect this homebuilder's large net losses in recent quarters and its substantial capital needs related to off-balance-sheet joint ventures. We do acknowledge that Lennar's cash holdings are sufficient to meet these ...
- Summary: Lennar Corp. $175.00
Our ratings on Lennar Corp. reflect this U.S. homebuilder's large net losses in recent quarters, weaker discretionary cash flow relative to leading competitors, and sizeable off-balance-sheet obligations. That said, Lennar's leverage remains ...
- Lennar Corp. Ratings Affirmed, Taken Off CreditWatch Negative; Outlook Negative $100.00
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 ...
- Research Update: Lennar Corp. Ratings Affirmed, Taken Off CreditWatch Negative; Outlook Negative $175.00
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 ...
- Lennar Corp. 'BB-' Ratings Placed On Watch Negative $100.00
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 ...
- 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 ...
