NEW YORK (S&P Global Ratings) Sept. 14, 2021—S&P Global Ratings today said Florida-based auto retailer LCM Investments Holdings II LLC's (d/b/a Morgan Automotive Group; BB-/Stable/--) leverage will remain in line with the rating even with its proposed $270 million additional senior unsecured notes, which it will use to fund dealership acquisitions. Stronger-than-expected margins due to elevated prices for new and used cars because of the global semiconductor shortage offset the additional debt. While we don't expect the company to sustain these margins long term, we now expect the strong pricing environment will likely last longer, albeit declining, into 2022. This should allow the company to maintain its debt to EBITDA below 4x. Also, the additional unsecured debt will not significantly
