Ashton Woods USA LLC's Proposed $250 Million Senior Unsecured Notes Due 2028 Rated 'B-' (Recovery Rating: '4')

CENTENNIAL (S&P Global Ratings) Jan. 13, 2020--S&P Global Ratings today assigned its 'B-' issue-level rating and '4' recovery rating to Ashton Woods USA LLC's proposed $250 million senior unsecured notes due 2028. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. The company will use the proceeds from the proposed issuance to reduce the outstanding borrowings under its revolving credit facility (not rated), add cash to its balance sheet, and for other general corporate purposes. For a more detailed view, please see our most recent full analysis on Ashton Woods, published Dec. 9, 2019, on RatingsDirect. General Criteria: Group Rating Methodology, July 1, 2019 Criteria Corporates

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