S&P ups Group 1 Automotive

Standard & Poor's said it revised its corporate credit rating on Group 1 Automotive Inc. to BB from BB-.

The agency said it also raised its senior unsecured rating to B+ from B. The recovery rating remains 6. The outlook is stable.

"Group 1 is one of several large consolidators in the highly competitive and very fragmented U.S. auto retailing industry; we assume new-vehicle sales in the U.S. will continue to recover in 2012 and 2013 and that Group 1's financial policy will enable it to maintain leverage around current levels by balancing the use of cash for acquisitions and capital spending," said S&P credit analyst Nancy Messer in a news release.

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