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S&P Credit Research1289 word report
published Feb 09, 2009
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$175.00 available for immediate download
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S&P Credit Research
| Abstract: | 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 tangible net worth covenant. Offsetting these credit supports are the company's diminished revolver capacity following a recent amendment. As such, the company's ability to maintain an appropriate cash position to mitigate the more modest revolver capacity will be critical to support the current rating. Although Ryland's near-term capital needs appear manageable, it may be more difficult for the company to generate cash from operations in the coming year due to the operating environment in its key markets, which we expect to
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: The Ryland Group Inc. Publication date: 09-Feb-2009 Primary Credit Analyst: George Skoufis, New York (1) 212-438-2608; george_skoufis@standardandpoors.com Secondary Credit Analyst: James Fielding,...
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| Report Type: | Summary
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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.
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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 ...
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- 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 ...
- 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 ...
