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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (170867)	6/6/2002 5:19:56 PM
From: patron_anejo_por_favor	Respond to of 436258

ClownBuck moving lower on the INTC report: quotes.ino.com

To: patron_anejo_por_favor who wrote (170867)	6/6/2002 6:08:33 PM
From: oldirtybastard	Read Replies (2) \| Respond to of 436258

i'm sure gold will be fixed to 200/oz soon see this? Thursday June 6, 4:19 pm Eastern Time Reuters Company News Moody's affirms Americredit Corp.'s Ba1 rating (Press release provided by Moody's Investors Service) Approximately $375 million in Debt Securities Affected. NEW YORK, June 6 - Moody's Investors Service has confirmed its Ba1 rating on AmeriCredit Corp.'s senior unsecured debt, but has revised its outlook on the rating to negative from stable. Moody's cited heightened concerns about the company's effective leverage position as a particular near-term issue. Moody's said that AmeriCredit's planned $300 million senior unsecured private placement is positive from a refinancing risk viewpoint. ADVERTISEMENT This issue will refinance the company's $175 million in unsecured debt that matures in February 2004 that AmeriCredit is exercising its call option on. The next major maturity of unsecured debt for the firm will not be until April 2006. Moody's also said that AmeriCredit's leverage has crept higher, particularly in the March 2002 quarter. At March 31, 2002, effective leverage equaled approximately 12.8x. This is a key concern that contributed to the outlook change to negative. Moody's believes that AmeriCredit will need to address this under-capitalization issue in the relatively near term. Given the volatility in the equity market Moody's believes that there is execution risk if the company decides to issue common equity. Moody's did note that AmeriCredit addressed a similar under-capitalization issue in 1999 by raising common equity. Another means to reduce the stress on the firm's capital over time is the reduction of AmeriCredit's growth rate. It may be dificult for AmeriCredit to cut its growth to the point that effective leverage would decline naturally through excess capital formation in Moody's view. Moody's stated that it will monitor AmeriCredit's progress in reducing its growth and establishing a level of self-sustainable growth. AmeriCredit has publicly stated that it intends to reduce origination growth to 20-25% per year. Execution on this plan, and the assessment of the effects of this plan on the company's earnings, capital formation and asset quality trends will be key in maintaining the Ba1 rating. AmeriCredit is a consumer finance company that has its headquarters in Fort Worth, Texas. The company is the largest independent, non-prime auto finance company in the United States, and reported total managed receivables of $13.6 billion at March 31, 2002.