Moody's could cut DriveTime

Moody's Investors Service said it placed the B3 corporate family rating of DriveTime Automotive Group, Inc. and the B3 rating on the $200 million senior secured notes, co-issued by DriveTime and DT Acceptance Corp., under review for possible downgrade.

On Sept. 11, DriveTime announced that it entered into definitive agreements to sell the company in two separate transactions.

DriveTime will sell its finance receivables portfolio, certificates representing its residual interests in securitizations of finance receivables and certain other assets to Santander Consumer USA Inc.

The company will sell all outstanding stock of DriveTime and DT Acceptance Corp., which consist primarily of used vehicle dealership operations, to a group of third party investors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.