Moody's: Taylor Morrison notes B2

Moody's Investors Service said it assigned a B2 rating to Taylor Morrison's proposed $100 million add-on 7¾% senior unsecured notes due 2020.

At the same time, Moody's affirmed all other ratings of Taylor Morrison Communities, Inc. and of its Canadian co-issuer, Monarch Communities Inc., including its B1 corporate family rating, B1 probability of default rating and the B2 rating on the existing $550 million 7¾% senior unsecured notes due 2020.

The outlook remains stable.

The unsecured notes are notched below the corporate family rating because of the sizable proportion of secured debt and debt-like obligations in the capital structure, Moody's said.

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