S&P: Ryland Group notes BB-

Standard & Poor's said it assigned its BB- rating and 4 recovery rating to Ryland Group Inc.'s proposed $250 million senior unsecured notes due 2022. The 4 recovery rating indicates an expectation for an average recovery in the event of default.

Ryland's proposed notes will rank equally with its $880 million of existing senior unsecured notes.

S&P said it believes the company will ultimately use the additional liquidity raised through this offering to fund new investments. As a result, debt-to-EBITDA will remain elevated and high for the rating due to the additional debt burden, but in line with expectations given the company's recently stronger operating performance and profitability.

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