...- LKQ Corp. has demonstrated consistent operating performance, increased market share, and strong free cash generation over the past couple of years, despite lower vehicle miles travelled and collision repair volumes. We now view the company's business as more resilient and the business risk to be more in line with investment grade peers. - Therefore, we raised our issuer credit rating on the company to '###-' from '##+'. - At the same time, we raised our issue-level rating on LKQ's unsecured debt to '###-' from '##+'. - The stable rating outlook on LKQ incorporates our expectation that it will maintain debt to EBITDA of less than 3x and free operating cash flow (FOCF) to debt of more than 15%. We expect the company will be able to sustain margins in both Europe and North America at improved levels longer term, supporting free cash flow even during cyclical downturns....
