NEW YORK (Standard & Poor's) Nov. 12, 2003--Standard & Poor's Ratings Services said today that it assigned its 'B' rating to the $200 million convertible senior notes that mature on Nov. 15, 2023, to be issued by AmeriCredit Corp. The securities are first putable by the holders on Nov. 15, 2008. At the same time, Standard & Poor's affirmed its 'B' long-term counterparty credit rating on AmeriCredit. Ratings reflect the many challenges that the monoline subprime automobile lender still experiences. First-quarter fiscal 2004 financial results showed some signs that its business model was beginning to stabilize, but asset quality measures for the quarter were still mixed, and losses remain at high levels. Although AmeriCredit earned $33.3 million for the first...
Companies mentioned in this report are: General Motors Financial Co. Inc.
Action: Various Rating Actions
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Research type: News
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