The severity of the blow from the COVID-19 outbreak leads us to believe the U.S. economy may already be in recession, with similar ramifications likely to affect Canada. As a consequence, we expect positive new home sales and recent EBITDA margin improvement will abate in 2020. We are revising our outlook to stable from positive and affirming our ratings on Canada-based homebuilder Mattamy Group Corp. The stable outlook reflects credit measures that currently provide cushion against 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. Leverage would have to increase by nearly two
