Subject to highly cyclical homebuilding market conditions Smaller scale and less geographic diversity than many public peers "Asset lite" land strategy results in better inventory turnover and return on capital, but lower EBITDA margins compared with rated homebuilding peers Our current forecast projects debt to increase and leverage to remain greater than 5x over the next 12 months No material near-term debt maturities Liquidity remains adequate under our criteria Our outlook on Ashton Woods USA LLC is stable. We expect backlog as of Nov. 30, 2015, to translate into year-over-year home closing growth in the second half of the company's fiscal 2016 while tempered but positive community count growth drives increases in overall sales, albeit with slightly slower absorption. We
