The New Home Co. Inc. is attempting to refinance its $130 million revolving credit facility due March 2021, and we think a favorable outcome from these ongoing talks may be difficult. In addition, we think the weakening operational results that we forecast will only heighten the challenges New Home faces as it also addresses the $307 million in senior notes maturing in 2022. We are placing our ratings, including the 'B-' issuer credit rating, on CreditWatch with negative implications. We will resolve the CreditWatch placement after discussing the company's near-term operating and financial prospects, including working capital management and its plans to refinance its credit facility. On March 18, 2020, S&P Global Ratings placed all of its ratings on New
