Standard Pacific Corp. Dec 11
Standard & Poors, December 2011
Abstract
Material debt maturities have been extended to 2016; and Homebuilding adjusted gross margins have recently compressed, but still lead all peers. Aggressive land purchases could erode adequate liquidity; Leverage levels remain high; and Overall homebuilding demand remains weak, with the company facing challenges in all markets. Our ratings on Standard Pacific Corp. reflect the company's aggressive financial risk profile, as measured by elevated leverage metrics and low interest coverage, though near-term debt maturities are modest. We consider the company's business risk profile to be weak due to depressed sales and our expectations for a continued challenging housing environment. Standard Pacific is the 11th-largest public homebuilder in the U.S. with 2,365 homes delivered in the trailing-12-months ended Sept. 30, 2011. The...
Companies mentioned in this report are:
- Standard Pacific Corp.
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
- Standard Pacific Corp.
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