The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Travis_Bickle	5/2/2008 6:45:05 AM
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Standard & Poor's Ratings Services said it has lowered its corporate credit and senior unsecured debt ratings on Pulte Homes Inc. to 'BB' from 'BB+' with a negative outlook. The ratings agency said the downgrade follows a large charge-driven loss in Pulte Homes' first quarter that further eroded its equity base and pushed leverage levels to their highest point in about 20 years. S&P said real estate impairment charges reflect 'very difficult conditions in the company's most important housing markets', and it believes that lacklustre demand for homes will continue to pressure sales volume and profit margins. The negative outlook reflects S&P's expectation for continued deterioration in many of Pulte's key housing markets and acknowledges that weak consumer demand and pricing pressures could further reduce the value of some of the company's land holdings. forbes.com

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