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S&P lifts AutoNation senior notes from junk
Standard & Poor’s said it affirmed its BBB- corporate credit rating on AutoNation Inc. The outlook is stable.
At the same time, S&P raised the issue-level rating on the company’s senior unsecured debt to BBB- from BB+. The debt consists of $397 million 6.75% notes due April 15, 2018 and $350 million 5.5% notes due Feb. 1, 2020.
“The upgrade reflects our view that the presence of floorplan financing (which is collateralized by the vehicle inventory) in the capital structure does not overly impair the recovery prospects for the senior unsecured debt,” said S&P credit analyst Nancy Messer in a news release.
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