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S&P Credit Research1376 word report
published Sep 01, 2009
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S&P Credit Research
| Abstract: | 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 the company's still-weak credit and profitability metrics and our view that while recent trends show signs of stabilization, housing conditions will remain challenging and could hinder Ryland's ability to enhance these metrics in the near term. Ryland is a Southern California-based homebuilder with a national platform that sells entry-level and first- and second-time move-up homes through 19 divisions in 15 states. Ryland is more diversified than many of its peers, but nearly every major housing market in the U.S. is oversupplied and
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: The Ryland Group Inc. Publication date: 01-Sep-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: | 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.
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 ...
- '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 ...
- 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 ...
