S&P: DriveTime on watch

Standard & Poor's said it placed its ratings on DriveTime Automotive Group Inc. and its affiliate DT Acceptance Corp. on CreditWatch with negative implications.

The agency added that this CreditWatch listing will be updated within 90 days.

According to S&P, the CreditWatch listing reflects the negative effect that current credit market turmoil has had on DriveTime's ability to access the term securitization markets.

Historically, DriveTime has obtained long-term funding for its subprime automotive receivables via the securitization market, the agency said.

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