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S&P rates Taylor Morrison notes BB
S&P said it assigned a BB rating and 3 recovery rating to Taylor Morrison Communities Inc.'s proposed $475 million senior unsecured notes due 2027.
The 3 recovery rating indicates 50% to 70% expected default recovery.
The agency said it expects the company to use the proceeds from the issuance, along with cash on hand, to fully refinance its $550 million of outstanding 5¼% senior unsecured notes due April 2021.
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