Dominant market share in the Greater Toronto Area (GTA) and exposure to both the U.S. and Canadian housing markets. Established record as a master-planned community (MPC) builder. More exposed to land development for third-party sale and high-rise construction compared with most rated homebuilding sector peers. Significant Canadian land holdings provide a platform to drive future growth. Largest privately owned homebuilder in North America; Some volatility in leverage measures due to seasonal swings in debt to fund working capital and land spending; Interest coverage consistently in the 3x-4x range; and Strong liquidity, which we expect the company to maintain. The stable outlook on Toronto, Ont.-based Mattamy Group Corp.'s credit rating reflects S&P Global Ratings' expectation for 8%-10% home closing growth during
