Mattamy Group Corp. has maintained operating momentum despite uncertain macroeconomic dynamics, with forecasted debt to EBITDA of below 2x and EBITDA margins of approximately 19.5% for fiscal 2024. Therefore, we raised our issuer credit rating and our issue-level rating on Mattamy and its senior unsecured notes to 'BB+' from 'BB'. The recovery rating on the notes remains '3'. The stable outlook reflects our forecast that Mattamy's debt to EBITDA will be below 2x for the next 24 months. A strong earnings performance and a higher sales backlog at the end of fiscal 2023 and into fiscal 2024 will help ensure what we assume will be consistent leverage levels. We expect its margins to decline approximately 150-200 basis points compared with
