Wednesday, June 18, 2008

Who will lend them the £2bn they need?

Taylor Wimpey debt regraded to junk status

The housebuilding sector suffered another blow yesterday when Taylor Wimpey debt was downgraded to junk status. The downgrade, by credit-rating agency Fitch Ratings, comes amid an unprecedented decline in the housing market. Fitch said Taylor Wimpey, Britain's biggest homebuilder, was likely to suffer a "material reduction" in earnings for at least the next two years. It also raised concerns that the company may be in danger of breaching its banking covenants. Most building firms agree to keep their debt at a certain percentage of their asset values.

Posted by little professor @ 07:26 PM (1011 views)
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10 thoughts on “Who will lend them the £2bn they need?

  • excellent find lp

    what are all the building contractors going to think about this? If they know.

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  • another excellent post by you
    Open letter to the Governer and the Chancellor
    BBC News: Peston on the warpath

    couldn’t comment at the time due to pulled strings in my password

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  • little professor says:

    Aww, I’m honoured, malct! I thought you hated me :p

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  • not at all – lp I’m being honest, the technology makes it difficult to connect as epeople and we all have different experiences.

    On this site we really don’t have any way of knowing either way if we are up against the mossad or an individual with a specific viewpoint.

    The two posts I have commented on suggest to me you are a real person – how can we resolve this as real people?

    if pelthar is real also I will have to refer to my handlers and puppetmasters. lol

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  • crash bandicoot says:

    The building contractors have gotten fat and lazy and will reap the just rewards for doing so. They (or the receivers) will lead the crash forwards, as they do not have the “wait and see” option open to homeowners.

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  • neither do the subbies – what now for them?

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  • Sell sell sell…. Errrm the shares? No…. ?

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  • Looks like the Government will have two housebuilders on their hands soon..,.

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  • crash bandicoot says:

    malct, the same applies, it’s the way of the world. Are you going to ask me about locomotive firemen, blacksmiths and miners too. We all make choices in life.

    BTW it’s nice to see you back. I thought that “they” had gotten to you!

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  • mark wadsworth says:

    When somebody has the time, could they work out the break up value of Taylor Wimpey and work out what the implied value per plot of their landbank is?

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