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S&P Credit Research1813 word report
published Aug 20, 2008
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$400.00 available for immediate download
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S&P Credit Research
| Abstract: | 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 to most homebuilding industry peers. Deteriorating earnings as a consequence of very competitive conditions in many of the company's housing markets; Higher leverage levels because impairments have eroded shareholder equity; and Limited liquidity due to weaker-than-anticipated discretionary cash flow and potential covenant pressure. The ratings on Ryland reflect the company's relatively limited liquidity and our expectations for deteriorating housing market conditions to continue pressuring profitability over the next year. Ryland amended its revolving credit facility in June 2008 to provide additional room under its tangible-net-worth covenant. This amendment reduced the size of
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| Brief Excerpt: | RESEARCH Ratings Definitions The Ryland Group Inc. Publication date: 20-Aug-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 ...
