TEXT-S&P cuts Goup 1 Automotive corporate credit rating


(The following statement was released by the rating agency) Dec 24 - Standard & Poor's Ratings Services today lowered its ratings on Houston, Texas-based Group 1 Automotive 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 where we believe light vehicles sales for the North American auto retailers will reach multidecade lows," said Standard & Poor's credit ...

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