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AmeriCredit Corp. Ratings Off CreditWatch, Lowered; Outlook Negative Jan 03
Standard & Poors, Jan 2003
Abstract
Standard & Poor's Ratings Services said today that it removed its 'BB-' long-term counterpary and senior unsecured debt ratings on AmeriCredit Corp. from CreditWatch, where they had been placed Jan. 16, 2003, and downgraded the ratings one notch to 'B+'. The outlook is negative. The ratings action follows Standard & Poor's detailed discussions with management concerning asset quality, profitability, and liquidity issues. The company does not expect recovery rates to improve from the low of 40% in the December 2002 quarter based on continued weakness in used automobile prices. Additionally, its annualized net loss rate for the next two quarters will now be in the 7% area. 'Given the continued weakness in the used automobile market and the weak economy,...
Companies mentioned in this report are: General Motors Financial Co. Inc.
Action: Downgraded, Off CreditWatch
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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