The ratings on Chicago-based LKQ Corp. reflect the company's "significant" financial risk profile (as defined in Standard&Poor's Ratings Services' criteria) with positive free cash flow, and its "fair" business risk profile (as defined in our criteria) with consistent double-digit EBITDA margins. LKQ is the largest nationwide provider of aftermarket collision replacement products and refurbished bumper covers and wheels. The company is also the nation's largest provider in a very fragmented market for recycled light-vehicle original equipment manufacturer (OEM) products and related services. The company's revenues and profits are highly dependent on decisions made by the auto insurance industry, which is its indirect customer. The company's significant financial risk profile score reflects Standard&Poor's belief that LKQ can
