Moody’s changes DriveTime view

Moody's Investors Service said it affirmed the B3 corporate family rating and senior secured notes of DriveTime Auto Group.

DriveTime's outlook was changed to stable from positive.

The agency said that while the affirmation reflects an assessment of DriveTime's unchanged standalone assessment, the change in outlook to stable from positive was prompted by DriveTime postponing a $350 million bond offering, which it announced on June 17.

DriveTime intended to use the funding from the postponed bond offering to refinance its existing senior secured notes maturing in June 2021, which would have materially improved its liquidity and the debt maturity profile for the next two years.

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