| Title: | Lennar Corp. |
| Price: | $400.00 |
| Publication Date: | Aug 18, 2008 |
| Report Type: | Full Report |
| Abstract: | Lower overhead cost structure contributing to improved operating profit margins, albeit off previously negligible levels; Moderate levels of direct financial obligations and a manageable maturity schedule; and Adequate liquidity including significant cash balances resulting from a large land sale and a significant tax refund. Extremely challenging housing market conditions driving large net losses on a GAAP basis; Significant potential capital needs relating to Lennar's sizeable joint venture investments; and Possible covenant pressures due to depreciating real estate values. The ratings on Lennar Corp. reflect very weak housing market conditions and our growing concern that Lennar's sizeable off-balance-sheet investments may require additional capital, which could weaken the homebuilder's currently adequate liquidity position. Although operating trends remain weak and the company continues |
| Brief Excerpt: | RESEARCH Ratings Definitions Lennar Corp. Publication date: ##-Aug-#### Primary Credit Analyst: James Fielding, New York (#) ###-###-####; james_fielding@standardandpoors.com Secondary Credit Analyst: George Skoufis, New York (#)... |
| Word Count: | 2006 |
| Ticker: | LEN |
| Issuer: | Lennar Corp. |
| 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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