NEW YORK (S&P Global Ratings) Aug. 16, 2023--S&P Global Ratings today said that AutoNation Inc.'s (BBB-/Stable/A-3) upsize of its commercial paper program to a maximum size of $1.9 billion of notes outstanding at any time, up from $1 billion, doesn't affect its view of the company's credit quality. The short-term rating will remain 'A-3'. The notes issued pursuant to the program will be the obligation of AutoNation only and will not be guaranteed by any subsidiaries of the company. Our rating on Fort Lauderdale, Fla.-based AutoNation is 'BBB-' with a stable outlook. The rating reflects our assessment of the company's consistent free cash flow generation and adequate liquidity. Moreover, we view the company's business model as resilient given its high
