Shares of Carvana Co. (CVNA), an e-commerce platform for buying and selling used cars, are rising more than 12% Thursday morning at $14.56.
The company today said it received “notable S&P Global Ratings upgrades and revisions of securitization loss assumptions due to capital structure de-leveraging and outperformance of S&P initial assumptions.”
“We believe the ratings actions taken by S&P demonstrate our ability to originate high quality assets in our lending business as a result of disciplined underwriting practices that are complemented by our third party servicer’s experience and expertise,” said Meg Kehan, Carvana’s Senior Director of Capital Markets.
CVNA is at $14.39 currently. It has traded in the range of $3.55 – $58.05 in the last 1 year.
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