The severity of the blow from COVID-19 leads us to believe the U.S. economy is entering or possibly already in recession. As a consequence, we expect the positive new home sales and pricing momentum from recent years will abate in 2020. We are revising our outlook to stable from positive and affirming our ratings on U.S.-based homebuilder Ashton Woods USA LLC. The stable outlook reflects credit measures that currently provide cushion against moderate deterioration should anticipated short-term softening in housing markets extend for 12 months. The stable outlook reflects credit measures that currently provide cushion against moderate deterioration should anticipated short-term softening in housing markets extend for 12 months. This is because our financial risk assessment incorporates the expectation for
