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AmeriCredit 'BB-' Rating Remains On CreditWatch Negative After Agreement With Fairholme Nov 08
Standard & Poors, Nov 2008
Abstract
NEW YORK (Standard & Poor's) Nov. 26, 2008--Standard & Poor's Ratings Services said today that its ratings, including its 'BB-' long-term counterparty credit rating, on AmeriCredit Corp. will stay on CreditWatch, where they were placed with negative implications on Oct. 29, 2008. 'The CreditWatch listing 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. 'As part of our review, we will analyze the implications of AmeriCredit's recently announced agreement with Fairholme Funds Inc. and of the new government funding programs focused on consumer lenders.' This CreditWatch listing will be updated within 90 days. On Nov. 24, AmeriCredit announced that Fairholme had agreed to purchase approximately...
Companies mentioned in this report are: General Motors Financial Co. Inc.
Action: CreditWatch Update
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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