| Title: | Summary: The Ryland Group Inc. |
| Price: | $175.00 |
| Publication Date: | Aug 20, 2008 |
| Report Type: | Summary |
| Abstract: | 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 the revolver to $550 million from $750 million. While the amendment lowered the company's tangible-net-worth covenant to $600 million from $850 million, Ryland only had $214 million of cushion above this covenant as of June 31, 2008. However, reasonable debt levels, minimal near-term maturities, and positive operating cash flow support the current ratings. Southern California-based Ryland is one of the nation's largest homebuilders, delivering 8,927 homes over the 12 months ended |
| Brief Excerpt: | RESEARCH Ratings Definitions Summary: The Ryland Group Inc. Publication date: ##-Aug-#### Primary Credit Analyst: Lisa Wright, CPA, New York (#) ###-###-####; lisam_wright@standardandpoors.com Secondary Credit Analyst: James Fielding,... |
| Word Count: | 1098 |
| 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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