S&P rates Ashton Woods notes B-

S&P said it assigned a B- rating and 4 recovery rating to Ashton Woods USA LLC's proposed $255 million senior unsecured notes due in 2027.

Ashton Woods Finance Co. will be an issuer of the notes.

This proposed issuance will be used to pay in full existing $250 million senior unsecured notes that mature in February 2021, S&P said.

The agency said it considers the planned transaction credit neutral.

The 4 recovery rating indicates 30% to 50% expected default recovery.

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