HARRISBURG (S&P Global Ratings) Dec. 3, 2025--S&P Global Ratings today said that it assigned its 'BB+' issue-level rating and '3' recovery rating to Mattamy Group Corp .?s (BB+/Stable/--) proposed USD$450 million senior unsecured notes due 2033, and the proposed CAD$350 million senior unsecured notes due 2032. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. Mattamy intends to use the proceeds to refinance its existing USD$500 million 5.25% senior unsecured notes due 2027 and its outstanding CAD$250 million 4.625% senior unsecured notes due July 2028. We view the refinancing as positive because it is effectively neutral to our calculation of debt to EBITDA and extends the company's nearest maturity
