U.S. homebuilder Ashton Woods USA LLC continues to bolster its credit metrics, due to firm ongoing profit growth arising mainly from strength in its entry-level product. S&P Global Ratings now expects Ashton Woods' credit profile into fiscal 2022 to be significantly better than forecast just this past fall. We are raising our rating on Ashton's issuer credit and its senior notes to 'B' from 'B-' and the outlook is positive. The positive outlook indicates the possibility we could raise our rating during the next 12 months if the company further improves its scale and profitability while maintaining debt to EBITDA comfortably below 4x. Our positive outlook on Ashton Woods' credit rating reflects favorable revenue and cash flow dynamics resulting from
