Ashton Woods USA LLC Senior Unsecured Notes Rated 'B' (Recovery Rating '3')

CENTENNIAL (S&P Global Ratings) July 21, 2021--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to homebuilder Ashton Woods USA LLC's proposed $300 million senior unsecured notes due in 2029. Ashton Woods Finance Co. will be an issuer of the notes. The company intends to use the net proceeds from the sale of the notes offered to redeem $250 million of the outstanding principal amount of its 2025 notes and for working capital and general corporate purposes. We consider the planned transaction credit neutral. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default. For a more detailed view of our credit opinion, please see our

...- General Criteria: Group Rating Methodology, July 1, 2019 - Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - Criteria | Corporates | General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec. 7, 2016 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - Criteria | Corporates | Industrials: Key Credit Factors For The Homebuilder And Real Estate Developer Industry, Feb. 3, 2014 - General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 - Criteria | Corporates | General: Corporate Methodology, Nov. 19, 2013 - General Criteria: Methodology: Industry Risk, Nov. 19, 2013 - General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities, Nov. 13, 2012 - General Criteria: Principles Of Credit Ratings, Feb. 16, 2011...

Ratings Action