Moody's lifts Group 1 Automotive

Moody's Investors Service said it upgraded the corporate family and probability of default ratings of Group 1 Automotive, Inc. to Ba2 from Ba3.

The outlook is stable.

"Group 1 continues to strengthen all aspects of its credit profile, with debt/EBITDA reducing such that it should be around 4 times within the next couple of quarters and interest coverage as measured by EBIT/interest increasing such that it is now above 4 times," Moody's senior analyst Charlie O'Shea said in a news release.

"The company continues to operate in a highly-disciplined fashion surrounding its variable costs, and these efforts are resulting in increasing levels of profitability."

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