S&P revises Mattamy view to positive

S&P said it revised the outlook on Mattamy Group Corp. to positive from stable due to a sharp improvement in ongoing EBITDA levels resulting in better credit metrics.

“Our belief that its profits and operating cash flows will be sustained at these higher levels is partly based on the company’s geographic diversity, where its strong positions in key Canadian markets is complemented by steady growth in profitability across its similarly sized U.S. operations. Moreover, its extensive land positions, particularly in Canada, limit the company’s spending to obtain land, thereby significantly reducing potential outflows of cash in the event of a downturn in demand,” said S&P in a press release.

The agency affirmed its BB ratings on Mattamy and its senior unsecured notes.

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