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Moody's affirms Credit Acceptance's ratings

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Moody's affirms Credit Acceptance's ratings

Moody's affirmed Credit Acceptance Corp.'s Ba3 long-term corporate family rating and senior unsecured rating.

The outlook remains stable.

Moody's said the ratings action follows the company's announcement that it will issue $400 million of senior unsecured notes due 2024. The rating agency said the issuance will lead to a modest increase in Credit Acceptance's ratio of secured debt to gross tangible assets, but it will lengthen the company's debt maturity profile, which will reduce refinancing risk.

The affirmation of Credit Acceptance's ratings reflects Moody's "overall unchanged assessment" of the company's credit profile, supported by strong profitability, solid capitalization and leverage despite the increasing competitiveness in the U.S. subprime auto lending market.