Ashton Woods USA LLC's $255 Million Senior Unsecured Notes Rated 'B-' (Recovery Rating: '4')

CENTENNIAL (S&P Global Ratings) March 13, 2019--S&P Global Ratings today 
assigned its 'B-' issue-level 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. 

We consider the planned transaction credit neutral. The '4' recovery rating 
indicates our expectation of average (30%-50%; rounded estimate: 40%) recovery 
in the event of payment default.