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Research Update: Shea Homes L.P. Outlook Revised To Stable; 'B' Corporate Credit Rating Affirmed Sep 11
Standard & Poors, September 2011
Homebuilding fundamentals remain weak due to low consumer confidence, elevated unemployment levels, a large supply of existing distressed/foreclosed homes, and volatility in the financial markets. As a result, we believe it is unlikely that Shea will be able to materially grow sales absorption levels at its communities and achieve profitability in the near term. We revised the outlook on Shea to stable from positive on our expectations that meaningful improvement in the homebuilding sector is unlikely to materialize in the next 12 months. We also affirmed our 'B' corporate credit and senior secured issue ratings on Shea. On Sept. 15, 2011, Standard & Poor's Ratings Services revised its outlook on Shea Homes L.P. and its subsidiary, Shea Homes Funding Corp.,...
Companies mentioned in this report are: Shea Homes L.P.,Shea Homes Funding Corp.
Action: Outlook: Stable
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Shea Homes L.P.,Shea Homes Funding Corp.