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S&P revises AutoNation view to stable
S&P said it revised the outlook for AutoNation Inc. to stable from negative.
“We see demand for new and used vehicles, parts, and service continuing to return to pre-Covid-19 levels. AutoNation's revenue in the third quarter was down only 1% year over year as the decline in new light-vehicle sales, parts, and service was offset by strong demand for used vehicles and strong vehicle pricing,” the agency said in a press release.
The outlook incorporates the forecast the company will maintain its debt-to-EBITDA ratio below 3x and free operating cash flow (FOCF)-to-debt ratio above 15% in the next 12 months, S&P said.
S&P also affirmed its BBB- rating for AutoNation.
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