S&P puts AmeriCredit on watch

Standard & Poor's said it placed AmeriCredit Corp.'s BB- long-term counterparty credit rating on CreditWatch with negative implications.

The action reflects the pressure that deteriorating economic and credit market conditions have placed on AmeriCredit's financial profile, according to the agency.

AmeriCredit's liquidity position also has weakened, but S&P said the remaining availability under the company's warehouse lines is adequate given management's revised origination target of $100 million per month.

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