S&P affirms KAR Auction

S&P said it affirmed all of its ratings on KAR Auction Services Inc., including the BB- corporate credit rating. The outlook remains stable.

“KAR has continued to benefit from increasing whole-car and salvage auction volumes, which the company has translated into solid profitability and steady cash flow generation. KAR has an established position in the competitive whole-car and salvage auction markets, is fairly resilient to periods of general economic weakness, and has strong EBITDA margins,” S&P said in a news release. “However, the scope of the company's business activities remains concentrated in North America.”

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