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S&P cuts Dealer Tire
S&P said it downgraded the ratings on Dealer Tire LLC and its first-lien term loan to B- from B after its acquisition of Dent Wizard.
The downgrade reflects Dealer Tire’s elevated leverage pro forma for the acquisition of Dent Wizard. With Dealer Tire’s incremental debt issuance, S&P said it expects debt to EBTIDA to remain well above 6x in the next couple of years and free operating cash flow to debt to remain below 3%.
The outlook is stable.
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