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S&P cuts Penske credit rating further into junk (AP)
26th December 2008
Standard & Poor’s Ratings Services on Wednesday downgraded its corporate credit rating for Penske Automotive Group Inc., citing the company’s high debt levels and its financial policies.
Standard & Poor’s Ratings Services on Wednesday lowered its corporate credit rating on auto retailer AutoNation Inc. to “junk” status, saying it expects sluggish vehicle sales to continue into 2009.
Standard & Poor’s Ratings Services cited liquidity and leverage problems Wednesday as it lowered the corporate credit rating of car dealership owner Sonic Automotive Inc.
Standard & Poor’s Ratings Services lowered its ratings on Asbury Automotive Group Inc. Wednesday, reflecting the company’s high leverage heading into 2009.
Moody’s Investors Service on Monday revised Penske Automotive Group Inc.’s rating outlook and placed two other auto companies’ ratings on review for possible downgrade amid continued challenges facing car companies.
Moody’s Investors Service on Wednesday cut a rating on BorgWarner Inc. to its lowest investment-grade rating, citing the worsening outlook for parts suppliers.