Toll Brothers Finance Corp.#s Proposed Senior Notes Rated #BB+#; Recovery Rating: #3#

Stocks and Financial Services Press Releases Wednesday March 8, 2017 09:49
NEW YORK--8 Mar--S&P Global Ratings

NEW YORK (S&P Global Ratings) March 7, 2017--S&P Global Ratings said today itassigned its 'BB+' issue-level rating and '3' recovery rating to Toll BrothersFinance Corp.'s proposed offering of senior notes due 2027. Our '3' recoveryrating indicates our expectation for meaningful (50% to 70%; rounded estimate:65%) recovery in the event of a default.

The company intends to use proceeds from the offering for general corporatepurposes, which may include repayment of debt. The notes will be unsecured andwill rank equally with all of the existing and future unsecured andunsubordinated debt of Toll Brothers Finance.

Our 'BB+' corporate credit rating on Toll Brothers Inc. and Toll BrothersFinance Corp. reflects our view of the companies' business risk assatisfactory and financial risk as significant. We expect Toll Brothers, whichhas a leading market position in the U.S. luxury housing segment, to improveleverage below 4x EBITDA over the next 12 months.


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