S&P: Group 1 Automotive view positive

Standard & Poor's said it revised the outlook Group 1 Automotive Inc. to positive from stable and affirmed its B+ corporate credit rating.

"The outlook revision indicates that we believe there is a one-in-three chance that we could raise the rating on Group 1 in the year ahead because we believe the company has demonstrated its ability and willingness to improve its credit measures in the near term," S&P analyst Nancy Messer said in a statement.

Lease-adjusted leverage for the 12 months ended March 31 fell to 5x.

Ratings reflect Group 1's resilient business model, with its diverse revenue stream, the agency said.

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