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Fitch ups AmeriCredit
Fitch Ratings said it upgraded the long-term issuer default rating of AmeriCredit Corp. to B+ from B- and the senior debt rating to BB- with a recovery rating of RR3 from B with a recovery rating of RR3.
The outlook is stable.
The upgrade reflects the company's improved credit trends, profitability prospects, capitalization and access to market liquidity, Fitch said.
Tighter underwriting standards since March 2008 have combined with strong used car recovery values and a stabilizing economic environment to yield an improvement in year-over-year net loss rates, despite continued portfolio contraction, the agency said.
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