Research Update: Mattamy Group Corp. Outlook Revised To Positive From Stable; 'BB' Ratings Affirmed

Toronto-based Mattamy Group Corp. continues to improve its credit profile because of a solid decline in debt amid a jump in EBITDA. We expect further improvements in leverage from higher EBITDA to help ensure interest coverage ratios exceed 10x and debt to EBITDA remains below 2x. Consequently, S&P Global Ratings revised its outlook to positive from stable. At the same time, we affirmed our 'BB' issuer credit rating on the company and 'BB' issue-level rating on its senior unsecured notes. Our positive outlook is based on our view that Mattamy Group's debt to EBITDA will remain below 2x and debt to capital will trend further below 40%, even as it invests for near-term growth. We base our positive rating outlook

...- Toronto-based Mattamy Group Corp. continues to improve its credit profile because of a solid decline in debt amid a jump in EBITDA. - We expect further improvements in leverage from higher EBITDA to help ensure interest coverage ratios exceed 10x and debt to EBITDA remains below 2x. - Consequently, S&P Global Ratings revised its outlook to positive from stable. At the same time, we affirmed our '##' issuer credit rating on the company and '##' issue-level rating on its senior unsecured notes. - Our positive outlook is based on our view that Mattamy Group's debt to EBITDA will remain below 2x and debt to capital will trend further below 40%, even as it invests for near-term growth....

Research Update