CENTENNIAL (S&P Global Ratings) Jan. 20, 2022--S&P Global Ratings today said it expects homebuilder Ashton Woods USA LLC's proposed $100 million senior unsecured add-on notes due in 2030 to be neutral for leverage. 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 pay down existing revolver borrowings. Our issue-level rating on the senior unsecured notes remains 'B+'. The '3' recovery rating indicates our expectation of 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 most recent research update on Ashton Woods USA published Sept. 20, 2021.
