Mattamy Group Corp. has announced that it plans to issue US$300 million (approximately C$405 million) of new senior unsecured notes, due 2023. We are assigning a 'BB' issue-level rating--consistent with the corporate credit rating--and '3' recovery rating to the proposed notes. At the same time, we are affirming our 'BB' corporate credit rating on Mattamy. The stable outlook reflects our expectation for substantial home closing growth during Mattamy's fiscal 2017 to drive strengthening financial measures. On Dec. 6, 2016, S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to Mattamy's proposed issuance of US$300 million (approximately C$405 million) senior unsecured notes due 2023. The '3' recovery rating on the notes indicates our expectation for a meaningful (50%
