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Strategies & Market Trends : Dave Gore's Trades That Make Sense
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To: hotlinktuna who wrote (11006)8/9/2002 10:09:15 AM
From: Dave Gore  Read Replies (2) of 16631
 
ACF News ----- Rating agencies support AAA standing

It will be interesting to watch how this trades over the next few weeks. Stock down 73% off 52 week high in the spring and has never warned. You know my thoughts, we've seen this fear before. I am holding a small position in case sanity returns suddenly or even better news hits.

From Dow Jones Newswires Today:

NEW YORK -- Undaunted by the run on its equity value, AmeriCredit Corp. (ACF) successfully sold $1.3 billion of its subprime auto receivables-backed notes through a syndicate headed by Credit Suisse First Boston and Barclays Capital.

"Tricia Hazelwood, director at CSFB, said the offering went well, with the spreads coming in tighter than initially expected. She added the offering's structure provided investors with a lot of flexibility between fixed- and floating-rate tranches. The issuance also was wrapped by Financial Security Assurance (FSA), which helped sell the issue."

... "the ratings agencies seem nonplussed."

"Chris Mark, senior director at Fitch Ratings, said as long as insurer FSA maintains its triple-A standing, it has no problems with AmeriCredit."

-By David Feldheim, Dow Jones Newswires, 201-938-2018 david.feldheim@ dowjones.com

biz.yahoo.com
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