The ratings on LKQ Corp. reflect Standard&Poor's Ratings Services' view of LKQ's business risk profile as fair and its financial risk profile as significant. Our business risk assessment reflects the company's effective business model, which has been resilient during the recession, and LKQ's solid competitive position based on its national operating network and effective customer relationships, as well as good profitability. Our assessment of LKQ's financial risk profile reflects the company's active acquisition strategy and credit measures for cash flow adequacy and leverage. The company's credit measures are in line with our expectations for the rating. For the 12 months ended Sept. 30, 2010, LKQ's adjusted total debt to EBITDA was 2.4x, and funds from operations (FFO) to
