S&P assigns B+ to AutoCanada notes

Standard & Poor's said it assigned its BB- long-term corporate credit rating to AutoCanada Inc. The outlook is stable.

At the same time, S&P assigned its B+ issue-level rating and 5 recovery rating to AutoCanada's proposed C$150 million senior unsecured notes due 2021. The 5 recovery rating on the senior unsecured notes indicates an expectation that lenders would receive modest (10%-30%) recovery in the event of default.

The ratings on AutoCanada reflect S&P's assessment of the company's business risk profile as "fair" and its financial risk profile as "significant."

© 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.