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Moody’s rates TRI Pointe notes Ba3
Moody's Investors Service said it assigned a Ba3 rating to the proposed $250 million of senior unsecured notes due 2027 of TRI Pointe Group, Inc.
Of the proceeds, $200 million will be used to reduce revolver advances, with the balance added to working capital, having little effect on total debt but greatly increasing the company's liquidity.
At the same time, the agency said it is making a number of administrative changes and corrections to TRI Pointe's ratings. Moody's withdrew the corporate family rating, probability of default rating, and speculative-grade liquidity rating assigned to TRI Pointe Homes, Inc., which became a wholly owned subsidiary of TRI Pointe Group, Inc. as a result of a 2015 corporate reorganization.
The agency then assigned a Ba3 corporate family rating, Ba3-PD probability of default rating, SGL-2 speculative-grade liquidity rating and a stable outlook to TRI Pointe Group, Inc.
The Ba3 ratings on the company's existing senior unsecured notes due 2019 and 2024 are unchanged. However, Moody's said it is correcting the issuer of the $300 million 4 7/8% senior unsecured notes due 2021 to TRI Pointe Group, Inc. Due to an internal administrative error, the issuer for these notes was previously identified as TRI Pointe Homes, Inc.
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