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S&P Credit Research567 word report
published Nov 26, 2008
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S&P Credit Research
| Abstract: | 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 (see list). 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. 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. Specifically, we are concerned that slower sales and depreciating property values may weigh on discretionary cash flow and that cash outlays to Lennar's sizeable off-balance-sheet joint ventures could reduce the company's
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: 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...
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| Report Type: | Research Update
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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.
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.?s $400 Million Unsecured Note Offering Assigned 'BB-' Rating $100.00
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 ...
- 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 ...
- 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 ...
