S&P: AmeriCredit negative

Standard & Poor's said it revised the outlook on AmeriCredit Corp. to negative from stable and affirmed its BB- long-term counterparty credit rating.

The negative outlook reflects AmeriCredit's diminished earnings prospects in light of higher credit and funding costs and lower recovery rates, according to the agency.

The impact of rising unemployment and financial distress contributed to higher-than-expected net credit losses and delinquencies in its subprime and near-prime portfolios, S&P said.

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