CENTENNIAL (S&P Global Ratings) Nov. 20, 2019--S&P Global Ratings today assigned its 'BB' issue-level rating and '3' recovery rating to Mattamy Group Corp.'s proposed $450 million senior unsecured notes due 2027. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of payment default. We expect the company to use issuance proceeds to fully redeem its $425 million of outstanding 6.875% senior unsecured notes due December 2023. The issuer credit rating on Mattamy Group Corp. is 'BB' and the outlook is positive. For the issuer credit rating rationale on Mattamy, see the research update published Nov. 19, 2019. Criteria Corporates General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 General Criteria:
