New Homebuilders Credit Rating
Posted by eBestAgent in REAL ESTATE NEWS, tags: New, Real EstateStandard & Poor’s went on a rate-slashing spree on homebuilders Friday
On Friday S&P cut its credit ratings on five homebuilders after
recent quarterly earnings and economic data showed the housing market
deteriorating.
The ratings agency lowered D.R. Horton
(nyse:DHI -news -people). Lennar(nyse:LEN -news -people), and Pulte Homes(nyse:PHM -news - people) to non-investment grade or “junk†status.
It also lowered Centex(nyse:CTX -news -people) to the brink of junk and lowered Standard Pacific(nyse:SPF -news -people)’s ratings as well.
It changed the outlook on Ryland Group(nyse:RYL -news -people) to “negative†from “stable,†which raises the company’s chances of having its ratings lowered in the next two years.
S&P said the homebuilding sector’s problems have been “exacerbated by rising inventory levels, the sharp decline in nonconforming mortgage products, and the determinedly negative sentiment of even well-qualified consumers.â€
Ratings, which indicate a company’s ability to repay its debt obligations, determine the cost to a company of borrowing money.
Technorati Tags: Home Builders, Lennar, Pulte Homes
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