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Beazer Homes USA Inc. Jun 11
Standard & Poors, June 2011
Abstract
The homebuilder has negligible debt maturities prior to 2015; and Currently ample controlled land and lot position. Lower than expected unit volume; Below average profit margins; and An aggressively leveraged capital structure. We recently revised our outlook on Beazer Homes USA Inc. to negative to reflect our concern that continued poor operating results may translate to weaker operating cash flow relative to previous expectations. We believe depressed new homes sales, combined with a heavy interest burden, will constrain cash flow, despite some seasonal pick up as Beazer liquidates inventory in the latter half of the fiscal year. Our ratings on Beazer reflect the homebuilder's vulnerable business risk profile. This profile mirrors our expectations for continued weak demand, which will constrain...
Companies mentioned in this report are: Beazer Homes USA Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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