NEW YORK (Standard&Poor's) Dec. 9, 2013--Standard&Poor's Ratings Services today said that LKQ Corp.'s (BB+/Stable/--) agreement to acquire Keystone Automotive Operations Inc. (Keystone) does not affect the ratings on LKQ, a nationwide provider of auto aftermarket collision replacement, recycled, and refurbished products. LKQ's debt leverage, by our calculations, will rise to 2.7x (pro forma) from 2.4x as of Sept. 30, 2013, following the expected use of LKQ's $1.35 billion revolver and separate asset securitization program to fund the $450 million acquisition. Still, at this level, LKQ's debt leverage will be consistent with its intermediate cash flow/leverage analysis under which we expect leverage of 3x or lower and free operating cash flow (FOCF) to total debt of 15%
