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Moody’s cuts LKQ, rates notes Ba2
Moody’s Investors Service said it assigned a Ba2 rating to LKQ Corp.’s €1 billion senior notes to be issued by LKQ European Holdings BV.
The agency downgraded all of LKQ's existing ratings, including its corporate family rating and probability of default rating to Ba2 and Ba2-PD from Ba1 and Ba1-PD, respectively, and both LKQ's $600 million 4¾% senior notes due 2023 and LKQ Italia Bondco SpA's €500 million senior notes due 2024 to Ba3 from Ba2.
The speculative grade liquidity rating was affirmed at SGL-2 and the outlook was changed to stable from negative.
Moody’s said the ratings were downgraded based on the expectation that LKQ will continue to make largely debt-financed acquisitions as it continues its strategy of expanding its global footprint and breadth of aftermarket and replacement products, and generally operate at a higher level of leverage than in the past with somewhat lower margins driven by the incremental acquisitions.
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