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S&P rates Adesa loan BB, view positive
Standard & Poor's said it revised its outlook on Adesa Inc. to positive from stable and affirmed the BB corporate credit rating. S&P also assigned a BB senior secured rating and a 2 recovery rating to Adesa's $500 million credit facility.
S&P said the ratings on Adesa reflect its weak business profile. The company's operating environment is competitive, and Adesa has risky financing operations and a limited track record as an independent. It also serves large customers with considerable leverage.
These factors are somewhat offset by Adesa's solid No. 2 U.S. market position, its growing market share with key accounts, and its good geographic scope in the United States, the agency said.
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