S&P rates Ashton Woods notes B-

Standard & Poor's said it assigned its B+ corporate credit rating to Ashton Woods USA LLC and its subsidiary, Ashton Woods Finance Co.

In addition, a preliminary rating of B- is assigned to the company's proposed $125 million senior subordinated debt issuance. The outlook is stable.

S&P said the ratings reflect this moderately sized homebuilder's conservative growth strategy and disciplined land acquisition and inventory management.

Credit considerations include an adequate liquidity position, modestly weaker but improving margins relative to its peers and a meaningful component of projected variable-rate bank debt, the agency added.

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