NEW YORK -- Standard & Poor's last week cut Sonic Automotive Inc.'s corporate credit rating deeper into junk territory, citing slow progress in improving operating performance, Reuters reported.
Ratings downgrades can increase a company's borrowing costs. Sonic's corporate credit rating was cut from BB to BB-minus.
Sonic is the nation's third-largest dealership group. It had sales of $6.90 billion in 2004, according to Automotive News' list of the top 100 dealership groups.