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Carvana Co. -- Moody's assigns first time B3 Corporate Family Rating to Carvana

Moody's Investors Service, Inc. ("Moody's) today assigned a first time B3 Corporate Family Rating to Carvana Co. ("Carvana") and a Caa2 rating was assigned to the company's proposed $300 million senior unsecured notes issue. "Carvana's unique online used car retail model is in its early stages, with no profits as of yet, however Moody's feels that performance thus far reflects a certain level of resonance with the used car buying public, with the potential for quarterly profitability within the next two years, and results from early entered markets encouraging on that front," stated Moody's Vice President Charlie O'Shea.