Moody’s applies SGL-2 to Group 1

Moody's Investors Service said it assigned an SGL-2 speculative grade liquidity rating to Group 1 Automotive, Inc.

All other ratings, including the Ba1 corporate family rating, are unaffected.

"The SGL-2 rating, reflecting good liquidity, recognizes Group 1's prudent liquidity management, from a balanced maturity profile to its favorable external financing relationships, including the recently renewed and upsized $1.8 billion facility," Moody's vice president Charlie O'Shea said in a news release.

"We note that, like its other rated peers, the level of floor plan assistance typically covers a significant portion of the company's floor plan interest expense, which adds to this favorable profile."

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