Moody's ups Asbury Automotive

Moody's Investors Service said it upgraded all ratings of Asbury Automotive Group, Inc., including the corporate family rating to Ba3 from B1 and the senior subordinated notes due B2 from B3.

The outlook is stable.

"The ratings upgrade recognizes Asbury's strong recent operating performance which has resulted in significant improvement to the company's quantitative credit profile," Moody's senior analyst Charlie O'Shea said in a news release.

"Debt/EBITDA has dropped to 3.6 times at LTM March 2013, and interest coverage as measured by EBIT/Interest has improved to 3.6 times. Moody's expects the company to largely maintain this overall credit profile going forward," O'Shea added in the release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.