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Research Update: AutoTrader.com Inc.'s Incremental Term Loan A Assigned 'BB+' (Recovery Rating: 3); Existing Ratings Affirmed Jun 11
Standard & Poors, June 2011
U.S online automotive advertising company AutoTrader.com is putting in place a $100 million incremental term loan A and shifting $100 million from its term loan B to the term loan A credit facility. We are assigning a 'BB+' issue-level rating to the incremental term loan, with a recovery rating of '3'. We are also affirming our existing ratings, including the 'BB+' corporate credit rating on the company. The stable outlook reflects our expectation that AutoTrader.com will be able to reduce debt leverage, and maintain both adequate liquidity and headroom with covenants over the intermediate term. On June 14, 2011, Standard & Poor's Ratings Services affirmed its issue-level ratings on Atlanta, Ga.-based AutoTrader.com's senior secured credit facilities, following the add-on of...
Companies mentioned in this report are: AutoTrader.com, Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.