Moody's Ratings assigns Ba3 rating to Credit Acceptance's senior unsecured notes
Moody's Ratings (Moody's) has assigned a Ba3 rating to Credit Acceptance Corporation's (CAC) proposed $400 million senior unsecured notes due 2030. The proceeds of the issuance will be used primarily to repay the firm's outstanding $400 million senior unsecured notes due in 2026. RATINGS RATIONA...Credit Acceptance provides financing programs that enable automobile dealers to sell vehicles to consumers. The company refers to automobile dealers who participate in its programs as Dealers. The company has two programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the company advances money to Dealers in exchange for the right to service the underlying retail installment contracts (Consumer Loans). Under the Purchase Program, the company buys the Consumer Loans from the Dealers and keeps all the amounts collected from the consumer. The company provides Dealers the ability to provide vehicle service contracts to consumers through its relationships with Third Party Providers.
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76,000 structured finance obligations
Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Such independent credit ratings and research also contribute to efficiencies in fixed-income markets and other obligations, such as insurance policies and derivative transactions, by providing credible and independent assessments of credit risk.
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