Moody's gives B1 to Asbury notes

Moody's Investors Service said it gave a B1 rating to Asbury Automotive Group, Inc.'s planned $1.5 billion of senior unsecured notes. Asbury's other ratings remain unchanged including its Ba2 corporate family rating, Ba2-PD probability of default rating and B1 senior unsecured rating. The speculative grade liquidity rating is SGL-2.

Asbury agreed to buy all the assets and operations of Larry H. Miller and Total Care Auto for about $3.2 billion. Asbury plans to finance the acquisitions with a combination of common equity, the proceeds from the notes, other debt and cash on hand.

The outlook is stable.

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