S&P gives Ken Garff notes B

S&P said it assigned a B rating with a 5 recovery rating to Ken Garff Automotive LLC’s new $375 million of senior secured notes.

The agency also affirmed the B+ issuer rating and revised the outlook to stable from negative.

“The stable outlook incorporates our expectation the company will be able to maintain its debt-to-EBITDA ratio below 5x and its free operating cash flow (FOCF)-to-debt ratio above 5% over the next 12 months,” S&P said in a press release.

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