NEW YORK (Standard&Poor's) Aug. 2, 2007--Standard&Poor's Ratings Services today said that its corporate credit rating, debt ratings, and stable outlook on Ashton Woods USA LLC (B+/Stable/--) are not immediately affected by the company's recently reported fiscal fourth-quarter 2007 results and weaker operating trends. Ashton Woods was profitable in the quarter and fiscal year ended May 31, 2007, and key credit metrics remain adequate for the 'B+' credit rating. However, challenging market conditions continue to negatively affect orders and profitability, which has in turn weakened interest coverage. Ashton Woods has appropriately managed its speculative inventory levels and maintains adequate liquidity. The current ratings and outlook remain contingent on prudent inventory management and the company's ability to maintain
