Moody's confirms KAR Auction Services, Inc.'s ratings after the separation of IAA; outlook is stable
Rating Action: Moody's confirms KAR Auction Services, Inc.' s ratings after the separation of IAA; outlook is stable. Global Credit Research- 24 May 2019. New York, May 24, 2019-- Moody's Investors Service confirmed KAR Auction Services, Inc. credit ratings, including the B1 Corporate Family Rating and B1-PD Probability of Default Rating, the Ba2 senior secured rating and the B3 senior unsecured rating.KAR Auction Services is a holding company. Through its subsidiaries, the company provides used vehicle auctions and related vehicle remarketing services in North America and Europe. The company facilitates a marketplace by providing auction services for sellers of used, or whole car, vehicles through its North American physical auction locations. The company's segments include: ADESA, Inc.'s Auctions, which provides whole car auctions and related services to the vehicle remarketing industry in North America through online auctions and auction facilities; and Automotive Finance Corporation, which provides floorplan financing to independent used vehicle dealers through branches throughout North America.
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