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S&P Credit Research4224 word report
published May 28, 2008
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| Abstract: | Good geographic diversity; Conservative operating strategy; Minimal near-term maturities and modest debt leverage; and A transparent balance sheet. Relatively limited liquidity; and Poor housing market conditions. The ratings on The Ryland Group Inc. (Ryland) reflect the company's modest debt levels, minimal near-term debt maturities, good geographic diversity, and conservative operating strategy. However, the very weak housing market conditions, which we expect to continue, and the company's relatively limited liquidity temper these strengths. Southern California-based Ryland is one of the nation's largest homebuilders, delivering 9,560 homes over the 12 months ended March 31, 2008. The company sells entry-level and first- and second-time move-up homes in 28 markets in 17 states. Like most large production builders, Ryland is exposed to oversupplied coastal
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| Brief Excerpt: | RESEARCH Ratings Definitions The Ryland Group Inc. Publication date: 28-May-2008 Primary Credit Analyst: Lisa Wright, CPA, New York (1) 212-438-3121; lisam_wright@standardandpoors.com Secondary Credit Analyst: James Fielding, New...
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| Report Type: | Full Report
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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 ...
