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Moody's changes AutoNation's view to stable
Moody's Investors Service said it affirmed AutoNation, Inc.'s Ba1 corporate family and probability of default ratings and the SGL-2 speculative grade liquidity rating and changed the outlook to stable from negative.
The change in outlook to stable reflects AutoNation's solid operating performance for the past three quarters, which has resulted in improved debt protection measures and a stronger credit profile, Moody's said.
Ratings affirmed include the $700 million senior unsecured revolver due 2012 at Ba2 (LGD 5, 83% from LGD 5, 82%); $600 million senior unsecured term loan due 2012 at Ba2 (LGD 5, 83% from LGD 5 82%); $300 million senior unsecured notes due 2014 at Ba2 (LGD 5, 83% from LGD 5, 82%); and $300 million senior unsecured notes due 2013 at Ba2 (LGD 5, 83% from LGD 5, 82%).
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