Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for AutoNation, Inc. > News item |
S&P affirms AutoNation
Standard & Poor's said it affirmed its BBB- corporate credit rating and stable outlook on AutoNation Inc.
S&P said the company intends to refinance its unsecured credit facilities. The refinancing bolsters the company's liquidity by extending maturities and relaxing covenants, although the latter could lead to higher leverage if the company chooses, the agency said.
"At the same time, we affirmed our BB+ issue-level ratings on the company's other senior unsecured debt, including its $300 million 7% notes due April 15, 2014 of which $15 million remains outstanding, and $400 million 6.75% notes due April 15, 2018," said S&P credit analyst Nancy Messer in a news release.
AutoNation's subsidiaries guarantee the senior notes, which rank equally to the revolving credit facility, and are subordinate to approximately $1.5 billion of secured floor-plan liabilities, according to S&P.
© 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.