Moody’s assigns Mattamy Group notes B1

Moody’s Investors Service said it assigned a B1 rating to Mattamy Group Corp.’s proposed $450 million notes due 2027.

The senior unsecured notes B1 rating reflects the notes’ junior position relative to the large amount of secured debt in Mattamy’s capital structure, Moody’s said.

The notes proceeds will be used to refinance the company’s $425 million 6 7/8% senior unsecured notes due 2023. “While the transaction is slightly leveraging, it is mitigated by the interest cost savings the company expects to achieve from the issuance,” said Moody’s in a press release.

Mattamy’s other ratings and stable outlook remain unchanged, Moody’s said.

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