S&P rates Credit Acceptance notes BB

S&P said it assigned a BB debt rating on Credit Acceptance Corp.'s proposed offering of $400 million in senior unsecured notes due 2026.

The proceeds will be used for general corporate purposes.

Pro forma for the transaction, S&P said it expects debt-to-adjusted total equity to be about 2.2x, which is within the range for the current rating.

Full year 2018 financial statements reported in late January showed the company has continued to grow earnings while maintaining stable leverage, the agency said.

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