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S&P cuts KAR Auction
S&P said it downgraded KAR Auction Services Inc. and its first-lien debt to B from B+. The 3 recovery rating on the debt is unchanged. S&P also lowered the rating on KAR’s unsecured debt to B- from B. The 5 recovery rating is unchanged.
“KAR's credit metrics will be weaker in 2020 than we previously expected as a result of the coronavirus pandemic. All North American physical auctions were closed on March 20 for two weeks, with some locations currently operating at minimal levels,” S&P said in a press release.
The agency placed the ratings on CreditWatch with negative implications.
“We expect to resolve the CreditWatch once we have additional information about when physical auctions might reopen, used vehicle demand, and the company's liquidity position for the remainder of the year,” said S&P.
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