S&P affirms Ryland

Standard & Poor's said it affirmed its BB- corporate credit and senior unsecured note ratings on the Ryland Group Inc.

The outlook remains negative.

The agency said that its 4 recovery rating on the company's senior unsecured notes remains unchanged.

"Our ratings on Ryland reflect very weak credit protection metrics and profitability measures, and its expectation that for-sale housing market conditions will remain very challenging at least through 2009, given oversupply conditions that continue to weigh on unit volume and pricing," said credit analyst George Skoufis.

"However, the ratings also acknowledge Ryland's sound balance sheet management, including sufficient liquidity that is currently supported by a meaningful cash balance that was bolstered by a recent bond offering."

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