The Real Deal Miami

Lennar rating slips

April 15, 2009 12:12PM

Moody’s dropped its credit rating on Miami builder Lennar, driving shares down 44 percent in Tuesday trading. Moody’s said the builder faces liquidity challenges over the next three years. Lennar has about $1.1 billion in cash and $1.5 billion in debt and other obligations. The agency said 2009 will be a tough year for Lennar sales, with greatly reduced deliveries.