Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Shea Homes L.P.

Summary: Shea Homes L.P.

Published Mar 29, 2013

1906 words — Published Mar 29, 2013

Price US$ 225.00 | Buy this Report Now

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Abstract:

Shea Homes L.P. has a relatively strong competitive position in core markets, which are experiencing a cyclical rebound in demand; It is subject to highly cyclical homebuilding market conditions; and The company's privately held status gives rise to limited transparency and a lack of independent board oversight. High debt leverage and low interest coverage metrics should remain in line with similarly-rated peers; The company has a longer weighted average debt maturity than most peers; and Secured notes and lack of revolving credit facility could limit future investment and liquidity. The stable outlook reflects our expectation that homebuilding fundamentals will continue to improve over the next year, with Shea's credit metrics modestly strengthening. We would consider a downgrade if liquidity becomes

Brief Excerpt:

RESEARCH Summary: Shea Homes L.P. Publication date: 29-Mar-2013 Primary Credit Analyst: Matthew Lynam, CFA, New York (1) 212-438-8002; matthew_lynam@standardandpoors.com Secondary Contact: Susan E Madison, New York (1) 212-438-4516;...

Report Type:

Summary

Issuer

Shea Homes L.P.

GICS

Homebuilding (25201030)

Sector

Global Issuers, Structured Finance

Country

United States

Region

United States

Format:

HTML

Summary: Shea Homes L.P. – 2014/04/25 – US$ 225.00

Research Update: Shea Homes L.P. Corporate Credit Rating Raised To 'B+' From 'B', Outlook Stable; Unsecured Notes Rated 'B+' – 2015/03/09 – US$ 225.00

Summary: Shea Homes L.P. – 2016/04/20 – US$ 225.00

Summary: Shea Homes L.P. – 2017/08/03 – US$ 225.00

Summary: Shea Homes L.P. – 2018/03/29 – US$ 225.00

Shea Homes L.P. Recovery Rating Revised To '3' On $750 Million Senior Secured Notes – 2013/03/27 – US$ 150.00

Summary: Shea Homes L.P. – 2012/09/26 – US$ 225.00

Summary: Shea Homes L.P. – 2012/03/30 – US$ 225.00

Shea Homes L.P. Outlook Revised To Stable; 'B' Corporate Credit Rating Affirmed – 2011/09/15 – US$ 150.00

Research Update: Shea Homes L.P. Outlook Revised To Stable; 'B' Corporate Credit Rating Affirmed – 2011/09/15 – US$ 225.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Summary: Shea Homes L.P." Mar 29, 2013. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Shea-Homes-L-P-1106577>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Shea Homes L.P. Mar 29, 2013. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Shea-Homes-L-P-1106577>

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