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Moody’s revises LKQ view to negative
Moody's Investors Service said it changed LKQ Corp.’s outlook to negative from stable and affirmed all debt ratings, including the corporate family rating at Ba1, senior unsecured at Ba2 and speculative grade liquidity rating at SGL-2.
These actions follow the company's plan to acquire Stahlgruber GmbH in a largely debt-funded transaction for €1.5 billion, anticipated to close late in the first quarter of 2018 or early in the second quarter.
Moody’s said the negative outlook incorporates the higher financial risk from plans to fund the acquisition of Stahlgruber with primarily debt, which would increase the company's pro-forma debt/EBITDA by almost one turn.
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