S&P gives CSK Auto loan B+, cuts notes

Standard & Poor's said it assigned its loan and recovery ratings to CSK Auto Inc.'s $450 million term facility, noting that the loan was rated B+, at the same level as the corporate credit rating, with a recovery rating of 2.

The agency said it also lowered its rating on the company's $100 million 4.625% senior exchangeable notes due 2025 to B- from B+, reflecting the significant amount of secured debt ahead of it.

The B- rating remains on CreditWatch with negative implications, the agency said, adding that the ratings on reflect the risks of the company's ongoing internal investigation, the lack of recent audited financial statements and plans to restate results in prior-year periods.

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