S&P rates Taylor Morrison notes BB-

Standard & Poor’s said it assigned a BB- rating to Taylor Morrison Home Corp.’s proposed $350 million senior unsecured notes due 2023.

The recovery rating is 3, indicating 50% to 70% expected default recovery.

The proceeds, along with cash on hand, will be used to retire the $485 million outstanding of 7¾% senior notes due in April 2020.

Following the retirement of those senior notes, the company will have no material debt maturities until 2021, S&P said.

The BB- corporate credit rating and stable rating outlook on Taylor Morrison are unaffected, the agency said.

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