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S&P lifts AutoTrader.com to BBB-
Standard & Poor's said it raised the corporate credit rating on AutoTrader.com Inc. by one notch to BBB- from BB+.
The outlook is stable.
At the same time, the agency raised all issue-level ratings on the company's debt by one notch to BBB-, in accordance with the notching criteria.
"The upgrade by one notch to BBB- reflects Cox Enterprises' recent repurchase of the 25% stake it had previously sold to Providence Equity Partners, bringing their total stake to 98%," S&P credit analyst Chris Valentine said in a news release.
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