S&P affirms LKQ

Standard & Poor's said it affirmed its BB+ corporate credit rating on LKQ Corp. The outlook is stable.

At the same time, S&P affirmed the BB+ issue rating on LKQ's amended and restated $1.85 billion senior secured revolving credit facility due May 2019 and the company's $450 million term loan A due May 2019. The 3 recovery rating remains unchanged and indicates an expectation for meaningful recovery (50%-70%) in a payment default scenario.

S&P also affirmed the BB- debt issue rating on LKQ's $600 million 4¾% senior unsecured notes due 2023. The 6 recovery rating remains unchanged and indicates an expectation for negligible recovery (0%-10%) in a payment default scenario.

"The rating affirmations reflect our expectation that LKQ's good profitability and favorable record of acquisition integration since 2007 will continue," said S&P credit analyst Nancy Messer in a news release.

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