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S&P Credit Research957 word report
published Sep 02, 2009
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S&P Credit Research
| Abstract: | 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 and other identifiable financial obligations in the near term. Additionally, Lennar's leverage is in line with similarly rated peers when adjusted for the company's estimated off-balance-sheet obligations. Miami-based Lennar is the nation's third-largest homebuilder, having delivered 13,600 homes during the four quarters ended May 31, 2009, at an average price of approximately $258,000. However, related revenues ($3.5 billion) were 43% below the total for the previous four quarters, the company's operating margin (1%) was negligible during the most recent four quarters, and impairments and
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Lennar Corp. Publication date: 02-Sep-2009 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: | Global Issuers, 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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- Lennar Corp. $400.00
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- Summary: Lennar Corp. $175.00
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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 ...
- Research Update: Lennar Corp. 'BB-' Ratings Placed On Watch Negative $175.00
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 ...
- 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 ...
