S&P ups DriveTime

Standard & Poor's said it raised its long-term counterparty credit rating on DriveTime Automotive Group Inc. and its affiliate DT Acceptance Corp. to B+ from B.

At the same time, the agency said it raised its senior unsecured debt rating on the company to B from B-. The outlook is stable.

This rating action is based on DriveTime's strong niche position in the fragmented used vehicle market and its solid earnings and capitalization, S&P noted.

The agency added that DriveTime offers credit-challenged consumers options for financing a vehicle that typically would not be obtainable from most franchises or independent used automobile dealers.

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