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AmeriCredit Corp. CCR Lowered To 'B+' From 'BB-' Feb 09
Standard & Poors, Feb 2009
Abstract
NEW YORK (Standard & Poor's) Feb. 3, 2009--Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on AmeriCredit Corp. (AmeriCredit) to 'B+' from 'BB-' and its unsecured credit rating to 'B' from 'B+'. The ratings remain on CreditWatch negative, where they were placed on Oct. 29, 2008. Resolution of the CreditWatch listing will be partially dependent on AmeriCredit's success in obtaining a waiver and an amendment from its warehouse lenders to address its expected covenant violation. We will also continue to evaluate AmeriCredit's asset quality, financial flexibility, and liquidity position in light of current economic and credit market conditions. This CreditWatch listing will be resolved within 90 days. 'The ratings downgrade reflects AmeriCredit's weakening asset quality, as evidenced...
Companies mentioned in this report are: General Motors Financial Co. Inc.
Action: Downgraded
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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