Moody's Ratings says Lennar's proposed spinoff of Millrose is credit positive
Moody's Ratings (Moody's) commented that Lennar Corporation's (Lennar) (Baa2 positive) pending spinoff of Millrose Properties, Inc. (Millrose) is credit positive because it will support the company's land-light business strategy by significantly reducing its risk from land ownership. Lennar's focus ...Lennar is a homebuilder in the United States, an originator of residential and commercial mortgage loans, a provider of title insurance and closing services and a developer of multifamily rental properties. The company's homebuilding operations include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through unconsolidated entities in which it has investments. The company operates under the Lennar brand name. The company creates and participates in joint ventures that acquire and develop land for its homebuilding operations, for sale to third parties or for use in the ventures' own homebuilding operations.
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