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S&P improves Openlane recovery
S&P said it revised its recovery rating for Openlane Inc.’s (formerly KAR Auction Services Inc.) senior unsecured notes recovery rating to 3 from 4. A 3 rating indicates meaningful (50%-70%; rounded estimate: 55%) recovery in default whereas a 4 rating indicates average (30%-50%; rounded estimate: 40%) recovery.
The improved recovery follows Openlane redeeming $140 million of its senior unsecured notes, S&P said.
The agency concurrently affirmed Openlane’s B issuer rating and the B rating senior unsecured rating.
The outlook is stable.
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