News By Topic: Credit Bureaus (Chrysler Credit, GMAC, etc.)

Fitch Rts Pennzoil-Quaker State's New Sr Unsec Nts `BB-`; Rtg Outlk Neg

Oct 19, 2001

Fitch has rated Pennzoil-Quaker State Company's (Pennzoil) expected $250 million senior unsecured note issue `BB-`. The company's existing senior notes, which will become secured, maintain `BB+` ratings. The company's new $350 million secured bank revolver, which will rank pari passu with the existing senior notes, is ... Continue reading

Fitch Downgrades Debt Of GM And GMAC

Oct 18, 2001

Fitch has downgraded the senior unsecured debt of General Motors Corporation (GM) and its financial services subsidiary, General Motors Acceptance Corp. (GMAC) to 'A-' from 'A' and the corresponding commercial paper ratings to 'F2' from 'F1' (see below for all entities). The Rating Watch Negative is removed and the Rat ... Continue reading

AmeriCredit Announces $1.8 Billion Asset-Backed Securitization

Oct 18, 2001

AMERICREDIT CORP. announced today the pricing of a $1.8 billion offering of automobile receivables-backed securities through Lead Managers J.P. Morgan Securities Inc. and Deutsche Bank Alex. Brown and Co-Managers Banc of America Securities LLC, Credit Suisse First Boston, and Merrill Lynch & Co. The securities will be ... Continue reading

Ford Credit Earns Big Bucks...Lets See Prime 3% Existing Loans 12%- Duh

Oct 18, 2001

DEARBORN, Mich., Oct. 17 -- Ford Credit earned $376 million in the third quarter of 2001, with earnings for the first nine months of 2001 totaling $1.14 billion. Excluding adjustments related to SFAS 133 (Accounting for Derivative Instruments and Hedging Activities), Ford Credit earned $389 million, up 1 percent from t ... Continue reading

BUYERS RESPOND TO "KEEP AMERICA ROLLING 0% RATE- GM SAYS KEEP IT ROLLING

Oct 18, 2001

AP reported that General Motors Corp. said it is extending its interest-free financing program to Nov. 18. The program, called ``Keep America Rolling,`` was scheduled to be discontinued at the end of October. The program began Sept. 20 as a way to jump start sales after a slump following the Sept. ... Continue reading

I'm Pissed Off: S&P Lowers GM and Ford Credit Ratings, Just When They Need To Borrow..Sounds Like Profiteering To Me

Oct 16, 2001

In what we can only think of as a "strike while the iron is hot" and a "kick a company while its down" profit scheme for the banks, Standard & Poor's reduced its credit ratings for General Motors Corp.and Ford Motor Co. by as much as two notches. S&P's rationale is that the economic slowdown comes as pressure is buildi ... Continue reading

AmeriCredit Reports Record First Quarter 2002 Operating Results

Oct 12, 2001

AMERICREDIT CORP. -- 1st Quarter Earnings Per Share Up 73% to $0.88 -- 1st Quarter Net Income Up 86% to $78.7 Million -- Quarterly Loan Originations Up 45% to $2.0 Billion -- Managed Portfolio Up 52% to $11.3 Billion AMERICREDIT CORP. today announced record net income of $78,737,000, or $0.88 per share, for its first f ... Continue reading

Fitch Presale Report On Honda Auto Receivables 2001-3 Owner Trust

Oct 10, 2001

Fitch issued a presale report today on Honda Auto Receivables 2001-3 Owner Trust discussing the rating analysis behind Fitch's expected 'AAA' ratings on the class A notes. The securities are backed by a pool of prime retail installment sales contracts secured by new and used automobiles and light duty trucks. The follo ... Continue reading

S&P Asgns Prlm Rtgs to HitachiCapital Ser20 ABS Certs

Oct 9, 2001

Standard & Poor's today assigned its preliminary triple-'A' ratings to Hitachi Capital Corp.'s Auto Loan Trust series 20 JPY2.01 billion class 1-9 certificates (see list below). The preliminary ratings are based on information as of Oct. 9, 2001. Subsequent information may result in final ratings that differ from the p ... Continue reading

National Auto Credit Board of Directors Approves Stockholder Rights Plan

Oct 9, 2001

National Auto Credit, Inc. (OTCBB:NAKD) announced today that on September 26, 2001 its Board of Directors adopted a stockholder rights plan. NAC stated that the plan is designed to assure that all of NAC's stockholders will receive fair and equal treatment in the event of any unsolicited attempt to acquire NAC. The pla ... Continue reading

Fitch Issues Presale Report On MMCA Auto Owner Trust 2001-3

Oct 3, 2001

Fitch has issued a presale report on MMCA Auto Owner Trust 2001-3 discussing the rating analysis behind Fitch's expected `AAA' ratings on the class A notes and `A' ratings on the class B notes. The 2001-3 transaction is Mitsubishi's eleventh public term auto loan securitization, and includes both balloon and deferred p ... Continue reading

Fitch Places Budget & ANC Rental ABS Deals On Rtg Watch Neg

Sep 28, 2001

Fitch places the ratings of Team Fleet Financing Corporation (a wholly owned subsidiary of Budget Group, Inc.) and National Car Rental Financing Limited Partnership (a wholly owned subsidiary of ANC Rental Corporation) rental car ABS transactions on Rating Watch Negative. Fitch expects rental car demand to decline over ... Continue reading

American Suzuki Offers Best Finance Program in the Automotive Industry

Sep 27, 2001

American Suzuki Motor Corp. (ASMC) and American Suzuki Automotive Credit announce the expansion of their retail finance program to include zero percent financing on the entire 2001 automotive product line for up to 60 months, besting other car companies' recently announced zero percent APR finance programs. This enhanc ... Continue reading

Fitch Lowers Ford, Ford Credit, Hertz & Related Entities

Sep 27, 2001

Fitch has downgraded the senior debt ratings of Ford Motor Company (Ford), Ford Motor Credit Company (Ford Credit), Hertz Corporation and their respective subsidiaries to `A-' from `A+' and commercial paper to `F2' from `F1'. A complete list of affected ratings is listed at the end of this press release. The Rating Out ... Continue reading

Fitch Places Debt Of GM, GMAC On Rating Watch Negative

Sep 27, 2001

Fitch places the `A' senior debt and `F1' commercial paper ratings of General Motors Corporation (GM) and it's financial services subsidiary, General Motors Acceptance Corp. (GMAC), on Rating Watch Negative (see below for all entities). This rating action reflects the impact on GM of over-capacity and heightened compet ... Continue reading