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 is negative. These actions affect roughly $2.2 billion of securities (see list). 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. 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 maturities, over the next two years. That being said, borrowing base
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