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AmeriCredit Corp. Jun 03
Standard & Poors, June 2003
Abstract
Strong capital base Company continues to access funding sources Monoline subprime automobile lender Liquidity remains a concern New business model is untested Asset quality remains under pressure Weak profitability and cash flow The ratings on AmeriCredit Corp. reflect Standard & Poor's Ratings Services ongoing concerns about the company's liquidity situation, unfavorable asset quality trends, constrained profitability, and cash flow position. The company has continued to experience higher-than-expected credit losses both in terms of severity through lower automobile recovery rates and frequency vis - vis higher delinquencies and repossessions. This has curtailed the company's cash flow position, requiring a heavy up-front usage of cash to meet higher credit enhancement levels, as the company continues to hit cumulative loss triggers on its...
Companies mentioned in this report are: General Motors Financial Co. Inc.
Action: Review
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: Full Analysis
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