Industry Economic And Ratings Outlook: U.S. Finance Companies Emerge From The Recession With Results Varying By Sector May 11

Standard & Poors, May 2011

Abstract
The recent deep recession and credit market dislocation have left many of the U.S. finance companies that Standard & Poor's Ratings Services rates in a weakened financial condition. And a few defaults and a relatively high number of downgrades and negative outlooks have resulted (see table 1). But moving deeper into 2011, these firms are making progress in climbing out of the slump, though at different speeds across sectors. The pace of downgrades has slowed considerably, and we believe that outlooks will continue to move to stable during the rest of the year. Any ratings boost from gradual improvements in financial condition and operating performance has been muted so far, reflecting the considerable risks associated with the tentative economic recovery...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Massachusetts Development Finance Agency
- National Rural Utilities Cooperative Finance Corp.
- H&R Block Inc.
- CIT Group Inc.
- Springleaf Finance Corp.
- Ford Motor Credit Co. LLC
- General Electric Capital Corp.
- Ally Financial Inc.
- Textron Financial Corp.
- Fannie Mae
- PHH Corp.
- Clayton Homes Inc.
- Wheels Inc.
- Freddie Mac
- OCWEN Financial Corp.
- Dollar Financial Group Inc.
- General Motors Financial Co. Inc.
- Credit Acceptance Corp.
- Nationstar Mortgage LLC
- LNR Property LLC
- CBRE Services Inc.
- Provident Funding Associates L.P.
- SLM Corp.
- iStar Financial Inc.
- Nelnet Inc.
- Jones Lang LaSalle Inc.
- ACE Cash Express Inc.
- MoneyGram International
- DriveTime Automotive Group Inc.
- Community Choice Financial
- Western Union Co. (The)
- Expert Global Solutions Inc.
- Peach Holdings Inc.
- Euronet Worldwide Inc.
- CapitalSource Inc.
- Asset Acceptance Capital Corp.
- Green Tree Credit Solutions LLC
- CNG Holdings Inc.
- SquareTwo Financial Corp.
- TitleMax Finance Corp.
- Rock Holdings Inc.
- FCC Holdings LLC
- Speedy Cash Intermediate Holdings Corp.

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