TEXT-S&P rates Sonic Automotive debt 'B+'
Posted on June 25, 2012 at 13:52 PM EDT
June 25 - Standard & Poor's Ratings Services today said it has assigned its 'B+' issue rating to Sonic Automotive Inc.'s proposed $200 million senior subordinated debt offering. We assigned this debt a recovery rating of '5', reflecting our expectation that lenders would receive modest (10%-30%) recovery of principal in a default. The proposed notes will mature in June 2022. At the same time, we raised the issue rating on the company's outstanding $210 million, 9% senior subordinated notes due