| Title: | Research Update: Toll Bros. Outlook Revised To Negative As Tough Market Conditions Exacerbate Earnings Pressure |
| Price: | $175.00 |
| Publication Date: | May 01, 2008 |
| Report Type: | Research Update |
| Abstract: | On May 1, 2008, Standard&Poor's Ratings Services revised its outlook on Toll Bros. Inc. to negative from stable. Concurrently, we affirmed our 'BBB-' corporate credit ratings on Toll Bros. and its subsidiaries and our ratings on roughly $1.5 billion of the company's senior unsecured and subordinated debt (see list). The outlook revision anticipates further earnings pressure, as the difficult conditions in many of Toll's luxury housing markets will continue to suppress sales volume and may necessitate more aggressive incentives and pricing concessions. We also recognize the potential for capital calls related to Toll's joint-venture obligations. That being said, the rating affirmations acknowledge that the company has maintained healthy credit metrics thus far during the nation's severe housing downturn, |
| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Toll Bros. Outlook Revised To Negative As Tough Market Conditions Exacerbate Earnings Pressure Publication date: ##-May-#### Primary Credit Analyst: James Fielding, New York (#) ###-###-####;... |
| Word Count: | 1205 |
| Ticker: | TOL |
| Issuer: | Toll Brothers Inc. |
| GICS: | Homebuilding (25201030) |
| Sector: | Global Issuers, Structured Finance, Corporations, Asset-Backed Securities, Real Estate Companies, Homebuilders |
| Country: | United States |
| Region: | United States |
| Format: | 
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