Florida-based auto retailer LCM Investments Holdings II LLC (d/b/a Morgan Automotive Group) plans to issue $650 million senior unsecured notes due 2029 and refinance its existing credit facilities with a new five-year $1.2 billion senior secured credit facility (unrated), using proceeds to pay down existing debt, fund a distribution to the owners, and for general corporate purposes. S&P Global Ratings assigned its 'BB-' issuer credit rating and 'BB-' rating to the proposed $650 million senior unsecured notes, with a '4' recovery rating (rounded estimate: 30%), indicating an average recovery for debtholders in a hypothetical default scenario. The stable outlook reflects our expectation that Morgan Automotive will continue to generate good cash flow while maintaining strong adjusted EBITDA margins, which will
