Operates within highly cyclical U.S. homebuilding market. Smaller scale and less geographic diversity than most 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 EBITDA to run between 4.5x and 5.5x, but recognizes that there may be intra-year volatility similar to what we've seen over the past few years. Company has increased its usage of revolving facilities but has maintained interest coverage ratios which are sound for the current rating. Liquidity remains adequate under our criteria. S&P Global Ratings' outlook on Ashton Woods USA LLC is stable. We anticipate the rise in active selling communities in 2016 will support
