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Fitch Raises Lennar Outlook to Positive
MIAMI, May 20, 2004 /PRNewswire-FirstCall via COMTEX/ -- Lennar Corporation
(NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced
that Fitch Ratings has raised Lennar's ratings outlook to positive from
stable. At the same time, Fitch affirmed the company's senior unsecured debt
and unsecured bank credit facility ratings of 'BBB,' as well as the 'BBB-'
rating on the company's senior subordinate convertible notes.
Fitch said, "This change reflects Lennar's recent solid financial
performance and the expectation that the company's credit profile will be
maintained as it executes its business model and continues to grow."
Fitch also commented, "Lennar's extensive balance sheet liquidity and
external liquidity sources position the company to weather a meaningful
cyclical downturn and to absorb acquisitions, consistent with its
diversified growth strategy."
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. Under the
Lennar Family of Builders banner, the Company includes the following brand
names: Lennar Homes, U.S. Home, Greystone Homes, Village Builders,
Renaissance Homes, Orrin Thompson Homes, Lundgren Bros., Winncrest Homes,
Patriot Homes, NuHome, Barry Andrews Homes, Concord Homes, Cambridge Homes,
Coleman Homes and Rutenberg Homes. The Company's active adult communities
are primarily marketed under the Heritage and Greenbriar brand names.
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 access, cable television and alarm installation and
monitoring services to residents of the Company's communities and others.
Previous press releases may be obtained at
www.lennar.com.
SOURCE Lennar Corporation
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