Moody's lifts LKQ

Moody's Investors Service said it upgraded the ratings of LKQ Corp., including the corporate family rating to Ba1 from Ba2 and the probability of default rating to Ba1-PD from Ba2-PD.

At the same time, Moody's upgraded the LKQ European Holdings BV senior unsecured notes to Ba1 from Ba2 and the LKQ Italia Bondco SpA senior unsecured notes to Ba2 from Ba3. The speculative grade liquidity rating was changed to SGL-1.

The outlook is stable.

“LKQ's ratings reflect its strong position as a distributor of vehicle collision and mechanical replacement parts, offering cost-effective alternatives to new OEM parts,” Moody’s said in a news release.

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