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S&P: AutoNation notes BB+
Standard & Poor's said it assigned its BB+ issue-level rating to AutoNation Inc.'s proposed $250 million senior unsecured notes due 2020.
According to an S&P news release, the company plans to use the proceeds to reduce borrowings under its unrated revolving facility.
The debt issuance improves the company's liquidity and financial flexibility by increasing availability under its revolver and extending the duration of maturities, S&P said.
The agency said the ratings on AutoNation reflect the company's "satisfactory" business risk profile and "significant" financial risk profile.
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