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South Florida

Standard and Poor’s lowers Lennar credit

Miami-based homebuilder Lennar’s recent purchase of $740 million in
distressed property assets has led ratings firm Standard & Poor’s to
lower the company’s rating to B+ from BB-. In addition, Lennar’s senior
unsecured notes, of which it holds $2.4 billion, saw lower ratings. “We
lowered our ratings on Lennar after the homebuilder drew down its
unrestricted cash balances to fund a sizable investment in three
portfolios of distressed real estate assets,” said credit analyst James
Fielding in a news release. [SFBJ]

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