S&P: Pendragon view to positive

Standard & Poor's said it revised its outlook on Pendragon plc to positive from stable.

At the same time, the agency affirmed its B+ long-term corporate credit rating on Pendragon and the issue ratings on the company's debt.

S&P said the outlook revision reflects its expectation that the improvement in Pendragon's cash flow profile and credit measures is sustainable over the next 24 months. This is due in large part to the signs of a cyclical upturn in the U.K. auto retail market, which should allow Pendragon to improve its earnings conversion into cash, through making use of its leadership position in both premium and mass-market segments.

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