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AmeriCredit Corp. 'BB-' Rating On CreditWatch With Negative Implications Oct 08
Standard & Poors, Oct 2008
Abstract
NEW YORK (Standard & Poor's) Oct. 29, 2008--Standard & Poor's Ratings Services said today that it placed its ratings on AmeriCredit Corp., including its 'BB-' long-term counterparty credit rating, on CreditWatch with negative implications. 'The action reflects the pressure that deteriorating economic and credit market conditions have placed on AmeriCredit's financial profile,' said Standard & Poor's credit analyst Rian M. Pressman, CFA. For the quarter ended Sept. 30, 2008, the company lost approximately $1.7 million, primarily because of increased loan provisions, which grew by $30.2 million year-over-year despite portfolio shrinkage of more than $3 billion. Annualized net charge-offs (NCOs) were 7.3% of average finance receivables, up almost 200 basis points from the comparable quarter in 2007. (AmeriCredit's shrinking receivables portfolio,...
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.
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