S&P ups DriveTime

S&P said it upgraded its issuer credit rating on DriveTime Automotive Group Inc. to B- from CCC+.

“The upgrade reflects better-than-expected performance, as well as capital market actions that mitigated liquidity risk surrounding the June 2021 maturities of the company’s senior secured notes,” the agency said in a press release.

DriveTime issued an irrevocable call of the remaining $200.3 million of its senior secured notes due 2021. The transaction is expected to settle on Oct. 28.

The outlook is negative.

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