NEW YORK (S&P Global Ratings) Jan. 13, 2016--S&P Global Ratings said today that the 'BB' issue-level rating and '3' recovery rating on Mattamy Group Corp.'s (BB/Stable/--) senior unsecured debt are unchanged following the announcement of a proposed $100 million add-on to its senior unsecured notes issued in December 2016. All senior unsecured notes remain rated on par with our 'BB' corporate credit rating on the company. We expect the company to use net proceeds from the add-on offering to pay down existing project-level and secured revolving debt. Toronto-based Mattamy is a homebuilder and land developer with operations spanning both Canada and the U.S. and ranks as Canada's largest single-family homebuilder. For the 12 months ended Aug. 31, 2016, the company
