In S&P Global Ratings' view, Mattamy Group Corp.'s position in the GTA, Canada's largest market, gives it a competitive advantage over its peers due to government-imposed land development constrictions, and Mattamy's ample supply of land in the region. This combination not only will support the company's long-term growth but make it increasingly difficult for competitors to expand their operations in the GTA. However, we note that this exposes Mattamy to concentration risk, and a housing downturn in the Canadian markets, particularly in the GTA, could drastically affect Mattamy's earnings and credit ratios. Compared to most of its rated homebuilding peers, Mattamy has the distinction of having operations in both Canada and the U.S. This could provide some hedge to mitigate
