Nonbank Financial Institutions Face Changes And A Shaky Economy In 2012 Feb 12
Standard & Poors, February 2012
Abstract
Nonbank financial companies, which include finance companies, asset managers, exchanges and clearinghouses, and independent brokerages, will likely find 2012 a year of transition. In general, they will continue to move past the tough years after the financial crisis, when many reestablished or repaired their business models. But they're also bracing for a future that could bring changes in U.S. political leadership, volatile economic conditions in Europe, and game-changing regulatory developments on both sides of the Atlantic. Because these four sectors begin the year with different assessments of their credit quality, Standard & Poor's Ratings Services believes that impending regulatory and political developments won't affect all of them equally. But some risk exists for them all. Economic uncertainty has become almost...
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
- American Express Co.
- American Express Credit Corp.
- Washington Mutual Finance Corp.
- AVCO Financial Services Inc.
- Barclays American Corp.
- Beneficial Company LLC
- H&R Block Inc.
- CIT Group Inc.
- Chrysler Financial Services Americas LLC
- CitiFinancial Credit Corp.
- Springleaf Finance Corp.
- John Deere Capital Corp.
- Ford Motor Credit Co. LLC
- Fremont General Corp.
- General Electric Capital Corp.
- Ally Financial Inc.
- Viad Corp.
- Household International Corp.
- IBM Credit Corp.
- Leucadia National Corp.
- Boeing Capital Corp.
- Merrill Lynch & Co. Inc.
- Nissan Motor Acceptance Corp.
- Wells Fargo Financial Inc.
- PACCAR Financial Corp.
- Pullman Leasing Co.
- Transamerica Finance Corp.
- U.S. Leasing Corp.
- Xerox Credit Corp.
- American Honda Finance Corp.
- Bear Stearns Cos. LLC
- D & K Financial Corp.
- General Electric Capital Services Inc.
- Goldman Sachs & Co.
- Lehman Brothers Inc.
- Textron Financial Corp.
- Toyota Motor Credit Corp.
- Caterpillar Financial Services Corp.
- Credit Agricole U.S. Inc.
- PHH Corp.
- Citigroup Global Markets Inc.
- Panasonic Finance (America) Inc.
- Navistar Financial Corp.
- Clayton Homes Inc.
- Qwest Capital Funding Inc.
- Eastman Kodak Credit Corp.
- BCH North American Capital Corp.
- Heller Financial Inc.
- Salomon Inc.
- UBS Americas Inc.
- Lehman Brothers Holdings Inc.
- SBC Communications Capital Corp.
- Dana Credit Corp.
- Verizon Capital Corp.
- Morgan Stanley & Co. LLC
- Fleetwood Credit Corp.
- BellSouth Capital Funding Corp.
- Edison Funding Co.
- Legg Mason Inc.
- BT Alex. Brown Inc.
- Lomas Financial Corp. (Pre Re-Org)
- Sony Capital Corp.
- Wheels Inc.
- Santander Central Hispano Finance (Delaware) Inc.
- Bay View Capital Corp.
- Jefferies Group LLC
- Ameritech Capital Funding Corp.
- Credit Suisse Holdings (USA) Inc.
- Whirlpool Financial Corp.
- Capita Corporation
- Ellco Leasing Corp.
- Mercury Finance Corp.
- ITOCHU Funding Corp.
- FIL Ltd.
- ORIX Financial Services Inc.
- HSBC Finance Corp.
- Associates Financial Services Co. of Puerto Rico Inc.
- Ford Motor Credit Co. of Puerto Rico Inc.
- AllianceBernstein L.P.
- AGC Capital Inc.
- Household Global Funding Inc.
- Mitsubishi Electric Finance America Inc.
- Prudential Securities Inc.
- Associates First Capital Corp.
- USL Capital Corp.
- Lomas Financial Corp.
- Visa International Service Assn.
- Internationale Nederlanden (U.S.) Funding Corp.
- American Express Travel Related Services Co. Inc.
- CommoLoCo Inc.
- Options Clearing Corp.
- Prudential Securities Group Inc.
- Charles Schwab Corp.
- Charles Schwab & Co. Inc.
- BWAC Credit Corp.
- Citigroup Global Markets Holdings Inc.
- Eaton Vance Management
- Morgan Stanley Finance PLC
- Eaton Vance Corp.
- Trans Ocean Container Corp.
- Foothill Capital Corp.
- Merrill Lynch International (Australia) Ltd.
- OMX AB
- Schroders PLC
- BellSouth Telecommunications 1994-A Pass Through Trust
- AMRESCO, INC.
- Island Finance Puerto Rico Inc.
- New York Mercantile Exchange Inc.
- J.P. Morgan Clearing Corp.
- GE Capital Franchise Finance Corp.
- OCWEN Financial Corp.
- Dollar Financial Group Inc.
- Mercado de Valores de Buenos Aires S.A.
- General Motors Financial Co. Inc.
- Credit Acceptance Corp.
- Caja de Valores, S.A.
- Board of Trade Clearing Corp.
- Metris Cos., Inc.
- Nationwide Credit, Inc.
- Allied Capital Corp.
- Nationstar Mortgage LLC
- LNR Property LLC
- Invesco Holding Co. Ltd.
- CBRE Services Inc.
- Security Capital Group Inc.
- CSC Holdings LLC
- NEC Financial services LLC
- Centennial Cellular Operating Co. LLC
- Thornburg Mortgage Inc.
- Banc of America Securities LLC
- FMR LLC
- SLM Corp.
- Hitachi America Capital Ltd.
- BlackRock Inc.
- LaBranche & Co Inc.
- TD AMERITRADE Holding Corp.
- Insight Capital Inc.
- iStar Financial Inc.
- Nextel Finance Co.
- Citi Group Asset Mangement
- Komatsu Finance America Inc.
- BankBoston Asset Management Ltd.
- Base Internacional Casa de Bolsa S.A. de C.V
- Unibanco Asset Management - DTVM Ltda
- E*TRADE Financial Corp.
- Springleaf Finance Inc.
- Jones Lang LaSalle Inc.
- Goldman Sachs Execution & Clearing L.P.
- SLK Capital Corp.
- Waddell & Reed Financial Inc.
- Deutsche Bank Securities Inc.
- UBS Securities LLC
- Affiliated Managers Group Inc.
- TW Telecom Holdings Inc.
- Deutsche Boerse AG
- Credit Suisse (USA) Inc.
- American Capital Ltd.
- IGM Financial Inc.
- The Depository Trust Company
- National Securities Clearing Corporation
- Oaktree Capital Management L.P.
- Neuberger Berman Inc.
- Vector Divisas, S.A. de C.V.
- Janus Capital Group Inc.
- IBG LLC
- Nuveen Investments Inc.
- Man Strategic Holdings Ltd.
- Insight Midwest Holdings LLC
- Caisse de depot et placement du Quebec
- Canadian Derivatives Clearing Corp.
- Asigna Compensacion y Liquidacion
- Profuturo GNP S.A. de C.V. AFORE
- Intermediate Capital Group PLC
- Raymond James Financial Inc.
- Intercam Casa de Cambio, S.A. de C.V.
- UBS Loan Finance LLC
- New Century Financial Corp.
- Calamos Investments, LLC
- ACE Cash Express Inc.
- Icahn Enterprises Holdings L.P.
- Refco Group Ltd., LLC
- SG Americas Securities LLC
- E-L Financial Corp. Ltd.
- Fixed Income Clearing Corp.
- FF-TSY Holding Co. Inc.
- Triad Financial Corp.
- Lazard Group LLC
- Residential Capital LLC
- DriveTime Automotive Group Inc.
- DT Acceptance Corp.
- The NASDAQ OMX Group Inc.
- Centerline Capital Group
- LPL Holdings Inc.
- Lehman Brothers Commercial Corporation
- Credit Suisse Securities (USA) LLC
- CIT Bank Ltd.
- J.G. Wentworth LLC
- Community Choice Financial
- NYSE Euronext
- Western Union Co. (The)
- Chrysler Financial Services Americas LLC
- Argentina Clearing S.A.
- Expert Global Solutions Inc.
- Peach Holdings Inc.
- F&C Asset Management PLC
- Primus Guaranty Ltd.
- CapitalSource Inc.
- LCH.Clearnet Group Ltd.
- Asset Acceptance Capital Corp.
- MF Global Holdings Ltd.
- U.S. Trust Company N.A.
- FIG LLC
- Deerfield Triarc Capital Corp.
- Marsico Parent Holdco LLC
- Macquarie Financial Holdings Ltd.
- Babcock & Brown International Pty Ltd.
- London Stock Exchange Group PLC
- Visa Inc.
- NASDAQ OMX Stockholm AB
- ASX Clearing Corp. Ltd.
- Penson Worldwide Inc.
- MasterCard Inc.
- BGC Partners Inc.
- CI Financial Corp.
- Green Tree Credit Solutions LLC
- CNG Holdings Inc.
- SquareTwo Financial Corp.
- BM&FBOVESPA S.A-Bolsa de Valores, Mercadorias e Futuros
- Interactive Brokers LLC
- TitleMax Finance Corp.
- Rock Holdings Inc.
- TMX Finance LLC
- KKR & Co. L.P.
- Kennedy-Wilson Holdings Inc.
- FCC Holdings LLC
- SIX Group AG
- Marsico Holdings LLC
- SIX x-clear AG
- SIX SIS AG
- CI Investments Inc.
- PennantPark Investment Corp.
- Oppenheimer Holdings Inc.
- Speedy Cash Intermediate Holdings Corp.
- EIG Management Company LLC
- Main St. Personal Finance, Inc.
- MIPL Holdings Limited
- Stifel Financial Corp.
- AP Alternative Assets LP
- AAA Investments LP
- GFI Group Inc.
- Donaldson Lufkin & Jenrette Inc.
- EntreCap Financial LLC
- AIG Capital Corp.
- PacifiCorp Financial Services Inc.
- FINOVA Capital Corp.
- General Electric Capital Canada Inc.
- GATX Capital Corp.
- Nissan Capital of America Inc.
- Hitachi Capital America Corp.
- Daiwa America Corp.
- GE Capital Australia Ltd.
- Dean Witter, Discover & Co.
- Van Kampen American Capital Inc.
- First Union Keystone, Inc.
- GE Capital Preferred Asset Corp.
- Residential Credit Solutions Inc.
- DVI Inc.
- Administradora de Fondos de Pensiones Provida S.A.
- Franklin Resources Inc.
- Alex Brown Inc.
- ING Investment Management LTDA
- Gamco Investors Inc.
- Euronext N.V.
- ARES Capital Corp.
- ConvergEx Group LLC
- Marsico Parent Co. LLC
- Cantor Fitzgerald L.P.
- Apollo Investment Corp.
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