Moody's rates DriveTime notes B3

Moody's Investors Service said it affirmed the B3 corporate family rating and senior secured notes of DriveTime Auto Group.

Moody's also said it assigned a B3 rating to the new senior secured notes, which will be issued by DriveTime Automotive Group, Inc., Bridgecrest Acceptance Corp. and SilverRock Group Holdings, Inc., which all operating companies to consolidated DriveTime.

The outlook was changed to positive from stable.

The outlook revision reflects the company's improving asset quality, which strengthens its earnings prospects, Moody's said, as well as its improving liquidity position.

The ratings are supported by the company's established franchise of used vehicle stores with integrated retail finance operations, the agency said.

DriveTime's integrated franchise of used vehicle stores, combined with retail finance operations, provides it with the ability to control the entire vehicle sale and lending processes, Moody's said.

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