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AmeriCredit Corp. Outlook Revised to Stable From Negative Jan 04
Standard & Poors, Jan 2004
Abstract
NEW YORK (Standard & Poor's) Jan. 30, 2004--Standard & Poor's Ratings Services said today that it revised its outlook on AmeriCredit Corp. to stable from negative, and affirmed its ratings, including its 'B' long-term counterparty credit rating, on the company. The outlook revision reflects the improvement in the company's financial performance and stabilization of its asset quality measures. Second-quarter fiscal 2004 financial results showed better earnings performance and lower delinquencies and charge-offs. AmeriCredit elected to accelerate its charge-off policy for repossession by electing to charge off accounts upon expiration of the customers' reinstatement period to reclaim a repossessed auto, rather than at the time that the repossessed inventory was liquidated at auction. This resulted in a one-time noncash charge of...
Companies mentioned in this report are: General Motors Financial Co. Inc.
Action: Outlook Revised
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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