MIAMI, May 17 /PRNewswire-FirstCall/ -- Lennar Corporation
(NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced
today that Standard & Poor's Ratings Services ("S&P") has raised Lennar's
corporate credit rating to BBB from BBB-. At the same time, S&P announced
that ratings are raised on roughly $1.6 billion of senior unsecured notes and
$300 million of unsubordinated notes. S&P advised that the outlook remains
stable.
Bruce Gross, Chief Financial Officer of Lennar, said, "We are pleased with
S&P's recognition of our solid operating performance, strong prospects for
fiscal 2005 and strategic land holdings which position us for future growth.
Our extensive balance sheet liquidity and access to external capital sources
position us to continue our diversified growth strategy in this consolidating
industry."
Lennar Corporation, founded in 1954, is headquartered in Miami, Florida
and is one of the nation's leading builders of quality homes for all
generations, building affordable, move-up and retirement homes. The Company
operates primarily under the Lennar and U.S. Home brand names and utilizes a
Dual Marketing strategy consisting of the Everything's Included(R) and Design
Studio(SM) programs. Lennar's Financial Services Division provides mortgage
financing, title insurance, closing services and insurance agency services for
both buyers of the Company's homes and others. Its Strategic Technologies
Division provides high-speed Internet and cable television services to
residents of the Company's communities and others. Previous press releases
may be obtained at http://www.lennar.com .
Some of the statements in this press release are "forward-looking
statements," as that term is defined in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include statements
regarding our business, financial condition, growth strategies and prospects.
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" included in our Annual Report on Form
10-K for our fiscal year ended November 30, 2004, and in our other filings
with the Securities and Exchange Commission. We do not undertake any
obligation to update forward-looking statements.
SOURCE Lennar Corporation
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Related links:
http://www.lennar.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20040604/LENLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/507038.html
CONTACT:
Marshall Ames, Investor Relations, Lennar
Corporation, +1-305-485-2092
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