| Title: | Pulte Homes Downgraded To 'BB' As Noncash Charges Further Erode Shareholder Equity |
| Price: | $100.00 |
| Publication Date: | May 01, 2008 |
| Report Type: | News |
| Abstract: | NEW YORK (Standard&Poor's) May 1, 2008--Standard&Poor's Ratings Services today lowered its corporate credit and senior unsecured debt ratings on Pulte Homes Inc. to 'BB' from 'BB+'. The rating actions affect approximately $3.5 billion of senior unsecured notes. The outlook is negative. "The downgrade follows a large charge-driven loss in the company's first fiscal quarter that further eroded the company's equity base and pushed leverage levels to their highest point in about 20 years," said credit analyst James Fielding. "Real estate impairment charges reflect very difficult conditions in the company's most important housing markets, and we believe that lackluster demand for homes will continue to pressure sales volume and profit margins." The negative outlook reflects our expectation |
| Brief Excerpt: | RESEARCH Ratings Definitions Pulte Homes Downgraded To '##' As Noncash Charges Further Erode Shareholder Equity Publication date: ##-May-#### Primary Credit Analyst: James Fielding, New York (#) ###-###-####; james_fielding@standardandpoors.com... |
| Word Count: | 538 |
| Ticker: | PHM |
| Issuer: | Pulte Homes Inc. |
| GICS: | Homebuilding (25201030) |
| Sector: | Global Issuers, Structured Finance, Corporations, Collateralized Debt Obligations, Real Estate Companies, Residential MBS, Homebuilders |
| Country: | United States |
| Region: | United States |
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