Operates within the highly cyclical homebuilding sector Wide range of product and price points throughout the western U.S. Focuses on building inventory in large, land-constrained markets Projected credit measures over the next two years to average in the "aggressive" range (debt leverage 4x to 5x) Our forecast does not anticipate any additional debt Liquidity remains "adequate," as defined in our criteria The outlook is positive based on our expectation that William Lyon Homes Inc. will continue to expand the overall size of its homebuilding platform and improve credit measures. The company has a large backlog and several years of land supply in land-constrained markets that we expect will help drive EBITDA growth over the next 12 months as the U.S.
