TEXT-S&P comments on AmeriCredit Corp

Newswire

(The following statement was released by the ratings agency) NEW YORK, Sept 27 - AmeriCredit Corp.'s (BB-/Stable/--) announced completion of a $500 million equity issuance is viewed by Standard & Poor's as a positive development. The net proceeds from the common stock offering will be used to provide a greater portion of the up-front credit enhancement required on future securitizations, and could increase to as high as 12%. By making a larger up-front deposit on a transaction, the ...

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