William Lyon Homes Inc.'s Proposed $300 Million Senior Unsecured Notes Rated 'B+' (Recovery Rating: '2')

CENTENNIAL (S&P Global Ratings) June 24, 2019--S&P Global Ratings today assigned its 'B+' issue-level rating and '2' recovery rating to William Lyon Homes Inc.'s proposed $300 million senior unsecured notes due 2027. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. We expect the company to use proceeds from the issuance to repay a portion of its $350 million of outstanding 7% senior unsecured notes due August 2022. For a more detailed view of our credit opinion, please see our analysis on William Lyon published Feb. 6, 2019. Criteria Corporates General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 Criteria Corporates General: Recovery Rating

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