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Prospect News home > News index > List of issuers D > Headlines for DriveTime Automotive Group Inc. > News item |
S&P gives DriveTime notes B-
Standard & Poor's said it assigned its B counterparty credit rating to DriveTime Automotive Group Inc. (DTAG) and its affiliate DT Acceptance Corp. (DT) and gave its B- senior unsecured debt rating to their proposed issuance of $150 million senior unsecured notes due 2013.
The outlook is stable.
S&P said the ratings are based on the combined financial statements of the companies and their acceptable profitability measures and improving credit risk management.
Offsetting factors include the company's business concentration in sub-prime automotive lending, the above-average credit risk profile of the company's customers and its geographic concentration, the agency said, adding significantly limiting the rating is the private nature of the company, which reduces the company's ability to raise capital through the equity markets.
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