...+ U.S.-based homebuilder Ashton Woods USA LLC has been steadily improving its EBITDA by increasing the sales of its lower-priced and potentially higher-returning properties. + We are revising our outlook on Ashton Woods to positive from stable and are affirming our 'B-' issuer credit rating on the company. + At the same time, we are affirming our 'B-' issue-level rating on the company's senior unsecured notes and are revising the recovery rating to '4' from '3'. The '4' recovery rating indicates our expectation for average recovery (30%-50%; rounded estimate: 40%). We revised the recovery rating after reviewing Ashton's asset base and related liabilities. + The positive outlook reflects our expectation that most of Ashton Woods' key financial measures should improve due to faster sales and more modest inventory requirements associated with the company's renewed entry-level emphasis. However, we note that there are risks inherent in its rapid segment downshift even as its ongoing profitability...
