MIAMI, March 22 /PRNewswire-FirstCall/ -- Lennar Corporation
(NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced
today that Moody's Investors Service raised the ratings on Lennar's senior
notes to Baa2 from Baa3 and on its senior subordinated debt to Ba1 from Ba2.
At the same time, Moody's attached its Prime-2 short-term debt rating to
Lennar's planned commercial paper program. The ratings outlook is stable.
Moody's said, "The upgrade acknowledges Lennar's long and consistent
history of strong revenue and earnings growth, healthy liquidity, successful
track record of integrating numerous acquisitions, considerable geographical,
price point, and product line diversification, large equity base, and
significant management ownership."
Bruce Gross, Chief Financial Officer of Lennar Corporation, said, "We are
pleased with Moody's recognition of our strong financial performance,
disciplined operating strategy, positive free cash flow generation and
extensive liquidity."
Lennar Corporation, founded in 1954, is one of the nation's leading
builders of quality homes for all generations. The Company builds affordable,
move-up and retirement homes primarily under the Lennar and U.S. Home brand
names. Lennar's Financial Services Division provides primarily mortgage
financing, title insurance and closing services for both buyers of the
Company's homes and others. Previous press releases and further information
about the Company may be obtained at the "Investor Relations" section of the
Company's website, http://www.lennar.com .
Some of the statements in this press release may be "forward-looking
statements," as that term is defined in the Private Securities Litigation
Reform Act of 1995. You can identify forward-looking statements by the fact
that these statements do not relate strictly to historical or current matters.
Rather, forward-looking statements relate to anticipated or expected events,
activities, trends or results. Because forward-looking statements relate to
matters that have not yet occurred, these statements are inherently subject to
risks and uncertainties. Many factors could cause our actual activities or
results to differ materially from the activities and results anticipated in
forward-looking statements. These factors include those described under the
caption "Risk Factors Relating to Our Business" in Item 1A of our Annual
Report on Form 10-K for our fiscal year ended November 30, 2005. We do not
undertake any obligation or duty to update forward-looking statements.
SOURCE Lennar Corporation
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http://www.lennar.com
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NewsCom:
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CONTACT:
Marshall Ames, Investor Relations, Lennar
Corporation, +1-305-485-2092
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