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S&P Credit Research1770 word report
published Jun 15, 2009
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S&P Credit Research
| Abstract: | We expect for-sale housing market conditions to remain very challenging at least through 2009. In our view, Ryland has sound balance sheet management, including sufficient liquidity that is currently supported by a meaningful cash position. We are affirming our 'BB-' corporate credit rating on Ryland. The negative outlook reflects our expectation that Ryland's operations and credit ratios will remain very weak due to current oversupply conditions that are suppressing unit volumes and pricing. On June 15, 2009, Standard&Poor's Ratings Services affirmed its 'BB-' corporate credit and senior unsecured note ratings on The Ryland Group Inc. The outlook remains negative. Our '4' recovery rating on the company's senior unsecured notes remains unchanged, indicating our expectation for average recovery (30%-50%)
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Ryland Group '##-' Ratings Affirmed; Outlook Remains Negative Publication date: 15-Jun-2009 Primary Credit Analyst: George Skoufis, New York (1) 212-438-2608; george_skoufis@standardandpoors.com...
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| Report Type: | Research Update
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| Ticker: | RYL
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| Issuer: | Ryland Group Inc. (The)
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| GICS: | Homebuilding (25201030)
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| Sector: | Global Issuers, Public Finance, 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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- The Ryland Group Inc. $400.00
Sizeable cash position and no near-term debt maturities; Predominately developed lot position; and Negligible exposure to off-balance-sheet joint ventures. Conditions remain challenging in many of Ryland's markets; Near-term pressures will ...
- Summary: The Ryland Group Inc. $175.00
Our ratings on the Ryland Group Inc. reflect a sizable cash position and manageable capital needs. The company faces no debt maturities until 2012, and its owned lots are predominantly developed. The corporate credit rating does, however, acknowledge ...
- 'BB-' Ryland Group Inc. Ratings Affirmed; Outlook Revised To Stable $100.00
OVERVIEW Although housing conditions will remain challenging, we believe The Ryland Group Inc. has more than sufficient cash to weather the downturn and pursue opportunistic options or purchases. We are affirming our 'BB-' corporate credit ...
- Research Update: Ryland Group Inc. 'BB-' Corporate Credit And Unsecured Debt Ratings Affirmed; Outlook Revised To Stable $175.00
Although housing conditions will remain challenging, we believe The Ryland Group Inc. has more than sufficient cash to weather the downturn and pursue opportunistic options or purchases. We are affirming our 'BB-' corporate credit rating on ...
- Ryland Group 'BB-' Ratings Affirmed; Outlook Remains Negative $100.00
Overview -- We expect for-sale housing market conditions to remain very challenging at least through 2009. -- In our view, Ryland has sound balance sheet management, including sufficient liquidity that is currently supported by a meaningful ...
- The Ryland Group Inc.'s $230 Million 8.4% Senior Unsecured Notes Assigned 'BB-' Rating And '4' Recovery Rating $100.00
NEW YORK (Standard&Poor's) May 1, 2009--Standard&Poor's Ratings Services today assigned its 'BB-' rating and '4' recovery rating to a $230 million 8.4% senior unsecured note offering due May 2017 that is guaranteed, jointly and severally, by ...
- Summary: The Ryland Group Inc. $175.00
The ratings on The Ryland Group Inc. reflect the company's limited but adequate liquidity position, which is supported by an increase in the level of cash on hand, minimal near-term debt maturities, and more cushion under a previously tight ...
- The Ryland Group Inc. $400.00
A geographically diversified operating platform with comparably less exposure to oversupplied coastal and southwestern housing markets; Limited exposure to potential off-balance-sheet obligations; and Superior EBITDA-based credit metrics relative ...
