S&P issued the statement amid the recent slide in market confidence toward consumer finance companies in the wake of admitted illegal practices at one of the firms.
The announcement triggered a slide in market confidence in consumer finance companies, which could seriously affect terms and conditions for their financing, S&P said.
While consumer finance companies
had enjoyed strong results until recently, the results in the fiscal first half show that the economic slump is starting to hit them hard by making a large number of consumers unable to meet their obligations.
With Fourth Fleet's easy-to-implement financing solution, consumer finance companies can increase their driver sales programs by offering broader and deeper financing options.
Additionally, for those consumer finance companies that do not offer an existing off-lease financing alternative, Fourth Fleet provides a plug-and-play solution that can be launched within 24 hours.
S&P said it revised the outlooks on its long-term ratings on three of Japan's largest consumer finance companies
to stable from negative in the second half of 2000.
While significant amounts of installment payments are made via direct debit in Japan, consumer finance companies
also offer at-the-store payment schemes through proprietary ATMs located at branch offices or via public access ATMs, which are widely used in Japan to make bank transfers.
It also continues our strategy of growth through strategic acquisitions of successfully managed consumer finance companies
SPFS is one of the largest traditional consumer finance companies
in the country, and as such is an attractive acquisition for Commercial Credit.
He offered the following comments, "This merger allows Citizens to expand its earnings capacity and allows the employees of Citizens and the shareholders of Western to be a part of one of the fastest growing consumer finance companies
in the industry.
Owens, President of the newly formed First Plus subsidiary, added, "This transaction is the first acquisition made by First Plus Consumer Finance, and a first step in fulfilling our business strategy for growth through strategic acquisitions of successfully managed consumer finance companies
The rediscount portfolio is comprised of secured revolving credit facilities to independent consumer finance companies