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S&P upgrades AutoNation
Standard & Poor's said it raised the corporate credit rating on AutoNation Inc. to BBB- from BB+.
The agency also said it affirmed the BB+ ratings on its senior unsecured debt, including its $300 million of 7% notes due April 15, 2014 and $400 million of 6¾% notes due April 15, 2018.
The outlook is stable.
AutoNation's subsidiaries guarantee the senior notes, which rank equal to the revolving credit facility and are subordinate to about $1.7 billion of secured floor-plan liabilities, S&P said.
The upgrade reflects a reassessment of AutoNation's business profile to satisfactory from fair, the agency said.
The business profile reflects a view of AutoNation's resilient business model, including stability of EBITDA relative to revenues and a profitable service business not dependent on vehicle sales, S&P said.
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