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AmeriCredit Corp.'s Long-Term Ratings Placed on CreditWatch Negative Jan 03
Standard & Poors, January 2003
NEW YORK (Standard & Poor's) Jan. 16, 2003--Standard & Poor's Ratings Services said today that it placed its 'BB-' long-term counterparty credit and senior unsecured debt ratings on AmerCredit Corp. on CreditWatch with negative implications following the company's second-quarter earnings announcement reporting a quarterly net loss of $27.6 million. The net loss included a $46.6 million pretax impairment of its interest-only receivable from prior securitizations, and a $50 million pretax valuation adjustment to shareholder's equity to reverse the earlier build-up of its valuation reserve for residuals. CreditWatch Negative implies that ratings will either stay the same or go lower. "The ratings action follows the company's weaker-than-expected financial performance and write-off of its interest-only receivable due to lower recovery rates in...
Companies mentioned in this report are: General Motors Financial Co. Inc.
Action: On CreditWatch:Negative
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.
General Motors Financial Co. Inc.