Press release
LKQ Corporation Achieves Moody’s Investment Grade Issuer Rating of Baa3 with stable outlook
CHICAGO, June 03, 2022 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ), a leading provider of alternative and specialty parts to repair and accessorize
About this update from Lkq Corporation
[{"type":"text","content":"CHICAGO, June 03, 2022 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ), a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles, announced that Moody's Investors Service (“Moody's”) assigned a Baa3 Issuer Rating to LKQ Corporation (LKQ), upgraded the rating on LKQ European Holdings B.V.'s senior unsecured notes to Baa3, and upgraded the rating on LKQ Italia Bondco S.p.A.'s senior unsecured notes to Baa3. The outlooks are stable. As a consequence of the ratings upgrade from Moody’s and the upgraded rating provided by S&P in April 2022, the current credit rating of LKQ European Holdings B.V.'s and LKQ Italia Bondco S.p.A.'s senior unsecured notes (collectively, “the Notes”) is an investment grade rating as defined in the indentures governing the Notes. Pursuant to the terms of the indenture governing the Notes, a Covenant Suspension Event has occurred. During a Covenant Suspension Event, LKQ and its subsidiaries will no longer be required to comply with certain restrictive covenants under the indentures including the limitation on asset disposition, the limitation on restricted payments, certain limitations on sale and leaseback transactions, and the requirement to include additional Note guarantees for newly formed or acquired subsidiaries. “This upgrade from Moody’s to investment grade is a true validation of the implementation of our operational excellence program, the resiliency of our business model, and the disciplined execution of our strategy,” said Varun Laroyia, Executive Vice President and Chief Financial Officer. About LKQ Corporation LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OE recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles. Forward Looking Statements Statements and information in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of such Act. Forward-looking statements include, but ...