Moody's upgrades KAR outlook to positive

Moody's Investors Service said it raised KAR Auction Services, Inc.'s ratings outlook to positive from negative and upgraded the speculative grade liquidity rating to SGL-2 from SGL-3. All other ratings were affirmed, including KAR's B2 corporate family and probability of default ratings.

The positive outlook reflects improvement in key credit metrics and Moody's expectation that KAR will continue to reduce debt, the agency said.

The upgrade in the liquidity rating reflects KAR's good liquidity profile, characterized by strong cash flow generation and significant revolver availability, Moody's said.

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