Ashton Woods USA LLC is an Atlanta-based homebuilder mainly focused in Texas and the Southeast. We are revising our rating outlook on the company to stable from positive. At the same time, we are affirming all our ratings, including our 'B-' corporate credit rating and our 'B-' issue-level rating on the company's senior unsecured notes. The '3' recovery rating is unchanged. Our outlook revision reflects the slower pace of leverage improvement versus our prior expectations for the company; we now expect leverage to exceed 5x EBITDA through the company's fiscal 2016. On Jan. 28, 2015, Standard&Poor's Ratings Services revised its rating outlook on Ashton Woods USA LLC to stable from positive. At the same time, we affirmed our
