Fitch rates Woodside notes B

Fitch Ratings said it assigned a B rating with a recovery rating of RR4 to Woodside Homes Co., LLC's proposed offering of $40 million principal amount of 6¾% senior unsecured notes due 2021.

This offering is an add-on to the company's existing $220 million 6¾% senior unsecured notes due 2021.

The proceeds will be used for general corporate purposes, including land acquisitions.

The outlook is stable.

The company also has a long-term issuer default rating of B and senior unsecured notes rating of B with a recovery rating of RR4.

The ratings reflect the company's execution of its business model in the current housing environment, improving financial and operating results, customer and price-point diversity, adequate liquidity position and the cyclically improving industry outlook for 2014, Fitch said.

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