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S&P Credit Research1270 word report
published Aug 18, 2008
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S&P Credit Research
| Abstract: | 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 position. Although operating trends remain weak and the company continues to post net losses on a GAAP basis, operating margins did improve in the second quarter. Miami, Fla.-based Lennar is one of the nation's largest homebuilders, having delivered 22,106 homes during the 12 months ended May 31, 2008, for an estimated average price of about $288,000. To put recent production in perspective, however, trailing-12-month deliveries represent less than half of the homes that the company delivered at the cyclical peak in 2006 and more closely approximate 2001 production
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Lennar Corp. Publication date: 18-Aug-2008 Primary Credit Analyst: James Fielding, New York (1) 212-438-2452; james_fielding@standardandpoors.com Secondary Credit Analyst: George Skoufis, New...
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| Report Type: | Summary
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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.
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