Moody's upgrades Woodside notes to B3

Moody's Investors Service said it affirmed Woodside Homes Co., LLC's B3 corporate family and probability of default ratings following the $40 million upsizing of its existing $220 million 6¾% senior unsecured notes due 2021.

In a related action, the senior unsecured notes were upgraded to B3 from Caa1.

Proceeds from the add-on note issuance will be used primarily to fund the purchase of already identified land opportunities.

The outlook remains stable.

Moody's said the upgrade of the senior unsecured notes is not driven by Woodside's credit fundamentals. It reflects a rebalancing of the company's capital structure wherein unsecured debt now constitutes the preponderance of total debt within the capital structure.

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