We expect LKQ Corp.'s (LKQ) pending acquisition of Stahlgruber GmbH to close in the second quarter of 2018. In April, LKQ completed its offering of €1 billion senior notes with an interest rate of 3.625% on €750 million due 2026 and 4.125% on €250 million due 2028. We are affirming our 'BB' corporate credit rating on LKQ and all issue-level ratings. The stable outlook reflects our belief that management will pace the company's future acquisitions such that it maintains debt leverage of less than 4.0x and a free operating cash flow (FOCF)-to-debt ratio of more than 10% over the next 12 months. On May 22, 2018, S&P Global Ratings affirmed its 'BB' corporate credit rating on LKQ Corp. (LKQ). The
