S&P cuts DriveTime Automotive

S&P said it lowered its issuer credit rating on DriveTime Automotive Group Inc. to B- from B and its senior secured debt ratings to B- from B.

The outlook is stable.

“Our downgrade is driven by expected lower core earnings for 2018. We expect the company will report losses in its core business as lower provisions from credit tightening are offset by decreases in vehicle sales,” S&P said in a news release.

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