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AmeriCredit Corp. Ratings Lowered, Removed from CreditWatch; Outlook Negative Aug 03
Standard & Poors, Aug 2003
Abstract
NEW YORK (Standard & Poor's) Aug. 25, 2003-- Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on AmeriCredit Corp. to 'B' from 'B+' and removed the ratings from CreditWatch where they had been placed on Aug. 7, 2003. The outlook is negative. This ratings action follows the company releasing its operating results for the quarter and fiscal year ended June 30, 2003. The delay had been prompted by a review by the company and its independent auditors of the accounting treatment of certain interest rate swap agreements. Additionally, a write-down in the company's credit enhancement assets was disclosed by management, but had not been quantified. AmeriCredit's operating results included a $56.5 million pretax restatement of fiscal 2002...
Companies mentioned in this report are: General Motors Financial Co. Inc.
Action: Downgraded, 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.
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