AmeriCredit Corp. Notes Rated 'B'; Other Rating Affirmed Nov 03
Standard & Poors, November 2003
Abstract
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
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.
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