| Title: | The Ryland Group Inc. |
| Price: | $400.00 |
| Publication Date: | Aug 20, 2008 |
| Report Type: | Full Report |
| 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 |
| Brief Excerpt: | RESEARCH Ratings Definitions The Ryland Group Inc. Publication date: ##-Aug-#### Primary Credit Analyst: Lisa Wright, CPA, New York (#) ###-###-####; lisam_wright@standardandpoors.com Secondary Credit Analyst: James Fielding, New... |
| Word Count: | 1813 |
| Ticker: | RYL |
| Issuer: | Ryland Group Inc. (The) |
| GICS: | Homebuilding (25201030) |
| Sector: | Global Issuers, Structured Finance, Public Finance, Corporations, Real Estate Companies, Homebuilders |
| Country: | United States |
| Region: | United States |
| Format: |
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