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S&P Credit Research2542 word report
published Sep 01, 2009
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| Abstract: | 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 weigh on currently weak margins and key credit metrics; and Ryland's termination of its bank credit facility removes a liquidity source, but the company's cash position should be sufficient to meet expected capital needs. 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,
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| Brief Excerpt: | RESEARCH Ratings Definitions 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, 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: | 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.
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- Summary: The Ryland Group Inc. $175.00
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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 ...
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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 ...
- 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 ...
