Bulletin: AutoNation Inc. 'A-3' Short-Term Rating Unchanged Following Upsizing Of Commercial Paper Program

NEW YORK (Standard&Poor's) Aug. 5, 2015--Standard&Poor's Ratings Services today said that its 'A-3' short-term rating on Fort Lauderdale, Fla.-based auto retailer AutoNation Inc. (BBB-/Stable/A-3) remains unchanged following the company's recent upsizing of its commercial paper program to $1.0 billion, from $300 million previously. Our 'A-3' short-term rating reflects our expectation that AutoNation will maintain sufficient availability under its $1.8 billion revolving credit facility due 2019 to backstop its commercial paper program. This credit facility is contractually committed and has a diversified lending group. The short-term rating is also supported by our expectation that AutoNation will maintain "adequate" liquidity, as defined by our criteria.

...NEW YORK (Standard & Poor's) Aug. 5, 2015--Standard & Poor's Ratings Services today said that its 'A-3' short-term rating on Fort Lauderdale, Fla.-based auto retailer AutoNation Inc. (###-/Stable/A-3) remains unchanged following the company's recent upsizing of its commercial paper program to $1.0 billion, from $300 million previously. Our 'A-3' short-term rating reflects our expectation that AutoNation will maintain sufficient availability under its $1.8 billion revolving credit facility due 2019 to backstop its commercial paper program. This credit facility is contractually committed and has a diversified lending group. The short-term rating is also supported by our expectation that AutoNation will maintain "adequate" liquidity, as defined by our criteria. Under Standard & Poor's policies, only a Rating Committee can determine a Credit Rating Action (including a Credit Rating change, affirmation or withdrawal, Rating Outlook change, or CreditWatch action). This commentary and its subject...

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