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S&P Credit Research1245 word report
published Aug 15, 2008
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S&P Credit Research
| Abstract: | On Aug. 15, 2008, Standard&Poor's Ratings Services lowered its corporate credit and unsecured debt ratings on The Ryland Group Inc. (Ryland) to 'BB-' from 'BB+', affecting roughly $750 million in rated debt securities. The recovery rating on the company's senior unsecured debt remains unchanged at '4' and the outlook remains negative (see list). The corporate downgrade reflects Ryland's relatively limited liquidity and our expectations for deteriorating housing market conditions to continue pressuring profitability over the next year. Ryland amended its revolving credit facility in June 2008 to provide additional room under its tangible-net-worth covenant. This amendment reduced the size of the revolver to $550 million from $750 million. While the amendment lowered the company's tangible-net-worth covenant to $600
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: The Ryland Group Inc. Downgraded To '##-' On Limited Liquidity; Outlook Remains Negative Publication date: 15-Aug-2008 Primary Credit Analyst: Lisa Wright, CPA, New York (1) 212-438-3121;...
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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: | Corporations, Global Issuers, Homebuilders, Public Finance, 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
- 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 ...
- Research Update: Ryland Group 'BB-' Ratings Affirmed; Outlook Remains Negative $175.00
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. ...
- 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 ...
