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Ryland Receives Rating Upgrade From Moody's
CALABASAS, Calif., Sep 2, 2004 /PRNewswire-FirstCall via COMTEX/ -- The
Ryland Group, Inc. (RYL),
today announced that Moody's Investors Service raised its senior implied
rating on Ryland from Ba1 to Baa3. Moody's also confirmed Ryland's issuer
rating and ratings on its senior notes at Ba1 and rating on its senior
subordinated notes at Ba2.
In its announcement of the ratings action, Moody's stated, "The company's
financial results and profile have shown sustained improvement in recent
years. At the same time as it has been reducing its homebuilding debt
leverage (debt/cap and debt/EBITDA) to among the lowest in its peer group,
Ryland has managed to increase its returns (ROE and ROA) to among the best
in its group."
Moody's announcement also stated, "The company has had seven consecutive
years of revenue and earnings growth, like many others in the homebuilding
industry. A key difference, however, is that Ryland's growth was all
organic, which reflected a conscious management decision to de-emphasize
acquisitions, concentrate on internal growth, and manage the balance sheet
so as to continue reducing its debt leverage."
With headquarters in Southern California, Ryland is one of the nation's
largest homebuilders and a leading mortgage-finance company. The Company
currently operates in 27 markets across the country and has built more than
225,000 homes and financed more than 190,000 mortgages since its founding in
1967. Ryland is a Fortune 500 company listed on the New York Stock Exchange
under the symbol "RYL." Previous news releases may be obtained at
www.ryland.com.
Note: Certain statements, analyses and projections in
this material are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
are based on various factors and assumptions that include such risks and
uncertainties as the completion and profitability of sales reported; the
market for homes generally and in areas where the Company operates; the
availability and cost of land; changes in economic conditions and interest
rates; an increase in raw materials and labor costs; consumer confidence;
government regulation; and general economic, business and competitive
factors, all or each of which may cause actual results to differ from the
statements made in this material.
SOURCE The Ryland Group, Inc.
Investor Relations, Cathey Lowe, Senior Vice President,
Finance, +1-818-223-7530, or Media Relations, Melissa Bailey, Vice
President,
Communications, +1-818-223-7590, both of The Ryland Group, Inc.
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