U.S. Credit Card Companies Could See Lower Returns In The Future, But Creditworthiness Should Improve Nov 10
Standard & Poors, November 2010
Abstract
As we look forward to 2011, Standard & Poor's Ratings Services' outlook for the U.S. credit card industry foresees a short-term recovery in profits as credit quality continues to improve, and lower aggregate earnings in the longer term, which we expect to be the "new normal" for the industry. Although we believe the industry will grow more slowly and that margins will come under pressure when interest rates eventually rise, most of the forces shaping the industry's structure should improve card issuers' credit quality. Consumer deleveraging and a high unemployment rate generally hurt earnings of credit card lenders in 2008 and 2009. Since then, improving credit quality and strong margins from better pricing have helped to offset these pressures while...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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