NEW YORK (Standard&Poor's) Feb. 17, 2009--Standard&Poor's Ratings Services today withdrew its 'D' corporate credit ratings assigned to Ashton Woods USA LLC and its subsidiary, Ashton Woods Finance Co. We also withdrew our 'D' issue-level rating and our '6' recovery rating on the company's senior subordinated notes due 2015. We are withdrawing our ratings following the Feb. 13, 2009, completion of a transaction that resulted in the exchange of substantially all of the company's previously public $125 million 9.5% senior subordinated notes due 2015 for new unrated privately placed subordinated notes (up to $65 million at 11% due 2015) and equity in the company (roughly 20%). The new notes will not bear interest during the first three
