Bulletin: AutoNation Inc.'s Commerical Paper Program Modifications Are Credit-Neutral - S&P Global Ratings’ Credit Research

Bulletin: AutoNation Inc.'s Commerical Paper Program Modifications Are Credit-Neutral

Bulletin: AutoNation Inc.'s Commerical Paper Program Modifications Are Credit-Neutral - S&P Global Ratings’ Credit Research
Bulletin: AutoNation Inc.'s Commerical Paper Program Modifications Are Credit-Neutral
Published Mar 26, 2020
2 pages (967 words) — Published Mar 26, 2020
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About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) March 26, 2020--AutoNation Inc. is modifying its commercial paper program with a maximum size of $1 billion of notes outstanding at any time. Following the modifications, 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. Nevertheless, the short-term ratings on the notes will remain 'A-3'. Our rating on Fort Lauderdale, Fla.-based AutoNation is 'BBB-' with a stable outlook. The ratings reflect 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 degree of variable costs and multiple revenue sources.

  
Brief Excerpt:

...March 26, 2020 NEW YORK (S&P Global Ratings) March 26, 2020--AutoNation Inc. is modifying its commercial paper program with a maximum size of $1 billion of notes outstanding at any time. Following the modifications, 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. Nevertheless, the short-term ratings on the notes will remain 'A-3'. Our rating on Fort Lauderdale, Fla.-based AutoNation is '###-' with a stable outlook. The ratings reflect 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 degree of variable costs and multiple revenue sources....

  
Report Type:

Bulletin

Ticker
AN
Issuer
AutoNation Inc.
GICS
Automotive Retail (25504050)
Sector
Global Issuers , Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: AutoNation Inc.'s Commerical Paper Program Modifications Are Credit-Neutral" Mar 26, 2020. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-AutoNation-Inc-s-Commerical-Paper-Program-Modifications-Are-Credit-Neutral-2402526>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: AutoNation Inc.'s Commerical Paper Program Modifications Are Credit-Neutral Mar 26, 2020. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-AutoNation-Inc-s-Commerical-Paper-Program-Modifications-Are-Credit-Neutral-2402526>
  
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