Fitch puts AmeriCredit on evolving watch

Fitch Ratings said it placed AmeriCredit Corp.'s B+ long-term issuer default rating and BB-/RR3 senior debt on Rating Watch evolving following the announcement that General Motors Corp. will acquire the company for $3.5 billion in an all-cash transaction. The merger is expected to close in the fourth quarter.

The agency said that while AmeriCredit is expected to maintain direct access to the capital markets, its credit ratings will be affected by the relative strength of its parent. Positive rating momentum could be driven by the determination that GM has a superior credit profile, while negative rating action would result should Fitch believe GM has a higher default probability.

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