Good market position Recession-resistant market Free cash flow Narrow business scope and scale Fragmented and competitive industry Aggressive leverage Below-average cash flow protection The ratings on Chicago-based LKQ Corp. reflect Standard&Poor's Ratings Services' view of the company's weak business risk profile and its aggressive financial risk profile. LKQ is the nation's largest provider in a very fragmented market for recycled light vehicle original equipment manufacturer (OEM) products and related services. LKQ is also the largest nationwide provider of aftermarket collision replacement products and refurbished bumper covers and wheels. LKQ had total balance sheet debt of $637 million as of June 30, 2009. We view LKQ's narrow business scope, concentration of operations in the U.S., relatively small scale, and
