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2002 Ratings Outlook For Independent and Noncaptive Finance Companies: The Importance of Focusing on Industry Fundamentals Apr 02
Standard & Poors, April 2002
Abstract
The finance company industry remains pressured under the impact of volatile capital markets. Market concerns relate to asset quality performance in a difficult economic environment, the level of financial statement disclosure, in addition to questions about possible liberal accounting treatment. As a result, many finance companies have found it more challenging to raise capital in the current environment. The year 2002 promises to be a challenging one for the industry, with concerns about the rating stability of many finance companies. Asset quality performance for the finance company sector continues to be adversely impacted by a weaker economy and the special circumstances surrounding Sept. 11, 2001. During 2001, many companies within the commercial finance sector with exposure to the telecommunications, trucking,...
Companies mentioned in this report are: Washington Mutual Finance Corp.,CIT Group Inc.,Springleaf Finance Corp.,GATX Corp.,International Lease Finance Corp.,Wells Fargo Financial Inc.,Transamerica Finance Corp.,Textron Financial Corp.,ORIX Financial Services Inc.,HSBC Finance Corp.,GATX Financial Corp.
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.
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