Toronto-based Mattamy Group Corp. has strengthened its credit profile through solid ongoing profitability improvements and significant EBITDA growth. We have revised our rating outlook on Mattamy to positive from stable and affirmed our 'BB' issuer credit rating on the company. At the same time, we affirmed our 'BB' issue-level rating on the company's senior unsecured notes. The positive outlook reflects our view that we could raise the rating over the next 12 to 24 months if the company maintained its increasingly conservative credit ratios, including S&P Global Ratings-adjusted debt to EBITDA at or below 2x and a debt-to-capital ratio that's trending below 40%. S&P Global Ratings revised its rating outlook on Mattamy to positive due to a sharp improvement in
