Moody's ups Ashton Woods, rates notes B1

Moody's Investors Service said it upgraded the corporate family rating and senior unsecured notes of Ashton Woods USA, LLC to B1 from B2 and the probability of default rating to B1-PD from B2-PD. Concurrently, Moody's assigned a B1 rating to Ashton Woods' expected $300 million of senior unsecured notes due 2029.

“The upgrade of the CFR reflects Moody's expectations of continued improvement in credit metrics through 2023, including debt to book capitalization trending below 50% and EBIT to interest approaching 6x,” the agency said in a press release.

The proceeds will be used to redeem the company's senior unsecured notes due 2025, as well as for working capital and for general corporate purposes.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.