Report title: Lennar Corp.
from S&P Credit Research
2006 word report published Aug 18, 2008

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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: 18-Aug-2008 Primary Credit Analyst: James Fielding, New York (1) 212-438-2452; james_fielding@standardandpoors.com Secondary Credit Analyst: George Skoufis, New York (1)...

Report Type: Full Report
Ticker: LEN
Issuer: Lennar Corp.
GICS: Homebuilding (25201030)
Sector: Asset-Backed Securities, Corporations, Global Issuers, Homebuilders, Real Estate Companies, Structured Finance
Country: United States
Region: United States
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