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Research Update: AmeriCredit Corp. 'B' Rating Placed On CreditWatch Developing Jul 10
Standard & Poors, July 2010
General Motors announced today that it is acquiring AmeriCredit, with the acquisition likely to close by the end of fourth-quarter 2010. We are placing our ratings on AmeriCredit, including the 'B' long-term corporate credit rating, on CreditWatch with developing implications. We will resolve the CreditWatch listing once we clearly understand the implications of GM ownership for AmeriCredit. On July 22, 2010, Standard & Poor's Ratings Services placed its ratings on AmeriCredit Corp., including its 'B' long-term counterparty credit rating, on CreditWatch with developing implications. This rating action follows today's announcement that General Motors (GM; unrated) was acquiring AmeriCredit in an all-cash acquisition valued at approximately $3.5 billion. We could raise, lower, or affirm our rating on AmeriCredit, perhaps by year-end,...
Companies mentioned in this report are: General Motors Financial Co. Inc.
Action: On CreditWatch:Developing
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
General Motors Financial Co. Inc.