Moody's: AutoNation notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to the $250 million senior unsecured notes of AutoNation, Inc., and affirmed the Ba1 corporate family and probability of default ratings and SGL-2 speculative grade liquidity rating.

The outlook is positive.

Moody's said AutoNation's rating reflects its position as the largest auto retailer in the U.S., its good liquidity, and best-in-class execution ability that has resulted in a largely-investment grade quantitative credit profile.

The rating also considers the improving macroeconomic-driven sales environment, as well as AutoNation's Toyota and domestic vehicle mix, the agency said.

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