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AmeriCredit Corp. Downgraded To 'B' From 'B+'; Outlook Negative Jun 09
Standard & Poors, June 2009
Abstract
We expect AmeriCredit's asset quality to continue to deteriorate. We lowered our long-term counterparty credit rating on AmeriCredit to 'B' from 'B+'. NEW YORK (Standard & Poor's) June 30, 2009--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on AmeriCredit Corp. (AmeriCredit) to 'B' from 'B+' and its senior unsecured debt rating to 'B-' from 'B'. We removed the ratings from CreditWatch Negative, where they were placed Oct. 29, 2008. The outlook is negative. 'The downgrade reflects our expectation that AmeriCredit's asset quality will continue to deteriorate, particularly given that consumer credit losses generally correlate to unemployment, which we expect to exceed 10% in the U.S. by mid-2010,' said Standard & Poor's credit analyst...
Companies mentioned in this report are: General Motors Financial Co. Inc.
Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch
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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