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BULLETIN: AmeriCredit Corp. Reaches Agreement with Financial Security Assurance Sep 02
Standard & Poors, Sep 2002
Abstract
The announcement by Americredit Corp. (BB-/Stable/-) today it had reached an agreement with its bond insurance guarantor, Financial Security Assurance (FSA) to raise the delinquency trigger levels in all its securitizations for the September 2002 through February 2003 period has no impact on Standard & Poor's ratings on the company. Raising the delinquency triggers effectively reduces the future likelihood of an increase in credit enhancement requirements due to delinquency triggers for all of its outstanding securitizations since the pools are cross-collateralized. Americredit's projected delinquency and annualized net loss assumptions that were outlined in May 2002 have not changed. The company continues to expect delinquencies to be seasonally high over the next two quarters and annualized net losses to be in...
Companies mentioned in this report are: General Motors Financial Co. Inc.
Action: S&P Event
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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