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S&P: AutoNation outlook stable
Standard & Poor's said it revised the outlook on AutoNation Inc. to stable from negative and affirmed its BB+ corporate credit rating.
"The outlook revision reflects our view that AutoNation will be able to maintain adequate credit measures while preserving its moderate financial policy and ability to generate free cash flow into 2010," S&P analyst Nancy Messer said in a statement.
S&P said the stable outlook reflects AutoNation's improved cost structure and control systems, which, in combination with its diverse revenues and brand mix, will enable it to generate discretionary free cash flow and maintain credit ratios, even if the U.S. economy remains lackluster in 2010.
AutoNation's adjusted debt-to-EBITDA ratio was 3.2x for the 12 months ended Sept. 30.
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