We are raising our issuer credit rating on U.S.-based homebuilder William Lyon Homes Inc. to 'BB' as we now view it to be a core subsidiary of new parent Taylor Morrison Home Corp. We are removing the rating from CreditWatch, where we placed it with positive implications on Nov. 8, 2019. We are subsequently withdrawing the 'BB' issuer credit rating on William Lyon at the parent's request. Taylor Morrison completed an exchange offer for most of William Lyon's senior unsecured notes. We are raising the rating on the remaining outstanding William Lyon unsecured notes to 'BB' and removing the rating from CreditWatch. We are revising the recovery rating to '3' from '2'. On April 24, 2020, S&P Global Ratings raised
