TEXT-S&P cuts Asbury Automotive Group

Newswire

(The following statement was released by the rating agency) Dec 24 - Standard & Poor's Ratings Services lowered its ratings on Atlanta-based Asbury Automotive Group Inc. The corporate credit rating was lowered to 'B+' from 'BB-'. The outlook is negative. "The downgrade reflects the company's high leverage heading into 2009, a year in which we believe light-vehicle sales for the North American auto retailers will reach multi-decade lows," said Standard & Poor's credit analyst ...

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