Moody’s reviews KAR

Moody's Investors Service said it placed KAR Auction Services, Inc.'s credit ratings, including the B1 corporate family rating and Ba2 and B3 ratings for its senior secured and senior unsecured debt, respectively, under review for downgrade.

Moody’s said the action was prompted by the company's announcement that it plans to spin-off its Insurance Auto Auctions (IAA) salvage auction business into a separate publicly traded company.

The remaining businesses will mainly comprise KAR's whole car auction and floor plan lending services.

The planned separation of the businesses is expected to be complete within the next 12 months.

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