Moody's cuts AmeriCredit

Moody's Investors Service said it downgraded the ratings of AmeriCredit Corp., including its corporate family rating and its senior unsecured debt rating to B2 from B1. The ratings remain on review for possible further downgrade.

The downgrade primarily reflects the effects of potential franchise impairment and continuing challenges to the company's wholesale funding model, Moody's said.

This contraction mainly reflects a challenging environment for the company's wholesale funding model, the agency said, and weakening economic conditions and deteriorating asset quality.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.