MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services downgraded Lennar Corp., saying the company's profitability is "very weak" so far in this housing downturn, and the agency expects Lennar will face earnings pressure due to worsening operating conditions, particularly in its important California and Florida markets.

S&P cut the corporate credit and senior unsecured debt ratings to 'BB' from 'BB+'. The outlook remains negative.

"Lower home prices and a slower sales pace in many communities have contributed to very high impairments and other noncash charges, which have materially reduced shareholders' equity," the agency said. TFN.newsdesk@thomson.com jro

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