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Moody's rates Taylor Morrison notes B2
Moody's Investors Service said it assigned a B2 rating to Taylor Morrison Communities, Inc.'s proposed $300 million of senior unsecured notes due 2024, proceeds of which will be used for growth capital and general corporate purposes, including land acquisition and development.
At the same time, the agency affirmed all other ratings of Taylor Morrison and those of its Canadian co-issuer, Monarch Communities Inc., including the B1 corporate family rating, B1-PD probability of default rating, B2 rating on the existing $1,035,000,000 of senior unsecured notes and SGL-2 speculative grade liquidity rating.
The outlook was changed to stable from positive.
The company's proposed new and existing senior unsecured notes are notched below the corporate family rating because of the sizable proportion of secured debt and debt-like obligations in its capital structure. The notes will be guaranteed on a senior unsecured basis by Taylor Morrison Holdings, Inc., TMM Holdings LP, Monarch Parent Inc. and certain existing and future U.S. subsidiaries of Taylor Morrison Communities, Inc. as described in this offering memorandum. The subsidiaries of Monarch Parent Inc. will not guarantee the notes.
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