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S&P assigns CCC+ to Carvana notes
S&P said it assigned its CCC+ issuer credit rating to Carvana Co. The outlook is stable.
At the same time, the agency assigned a CCC+ issue-level rating and 3 recovery rating to the company's proposed $300 million senior unsecured notes due in 2023. The 3 recovery rating indicates an expectation that debtholders would realize meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default.
“Our ratings on Carvana reflect the company's negative EBITDA, highly negative free cash flow, and limited operating history to demonstrate if its financial commitments are sustainable, especially while managing rapid growth,” S&P said in a news release.
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