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    Moody's upgrades Group 1 credit rating

    AP – Wed, Sep 28, 2011

    NEW YORK (AP) — Moody's Investors Service on Wednesday upgraded credit ratings on Group 1 Automotive Inc., noting how the company had reduced debt and secured new loan terms that give it greater flexibility.

    Moody's upgraded two ratings — corporate family and probability of default — one level to Ba3 from B1. Both levels are still classified as below investment grade. The outlook is stable

    The corporate family rating is the overall rating for a company rated below investment grade. It measures whether analysts expect a company to be able to honor its financial obligations.

    Moody's senior analyst Charlie O'Shea noted that Group 1 had reduced its debt ratio and "largely maintained" the cost savings that it implemented at the beginning of the downturn in late 2008. New loan terms have given the company greater financial flexibility, O'Shea added.

    Houston-based Group 1 says it is the country's fourth-largest auto dealership group. It sells new and used vehicles and provides auto repair services at dealerships and collision centers in the U.S. and U.K. Its revenue has increased every quarter for nearly two years, a turnaround from when revenue slipped for six straight quarters in 2008 and 2009.

    Shares closed down 3.7 percent to $36.78 on Wednesday, a down day for the market.

     

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