MINNEAPOLIS, Aug. 11 /PRNewswire/ -- Arcadia Financial Ltd. (NYSE: AAC)
commented today in response to the recent Standard & Poor's (S&P) ratings
action. "We are disappointed in S&P's decision to lower the company's senior
debt rating, particularly in light of the continuing improvements in the
operations and cash flow of the business, as noted by S&P in their release,"
said Rich Greenawalt, Arcadia's Chief Executive Officer. "We believe our year
to date results demonstrate the improvement in our business model in terms of
underwriting, collections, increasing use of technology and our improving cash
flow."
S&P's comment about the company's reliance on the securitization market is
as true today as it has been for the past seven years. The company has
completed 26 securitizations totaling $12 billion since the beginning of 1993
and has successfully completed transactions in difficult markets, most notably
the two transactions the company completed in the December 1998 quarter.
Arcadia Financial Ltd. is a Minneapolis-based consumer financial services
company specializing in purchasing, selling and servicing retail installment
contracts for new and used automobiles originated in 45 states. The company,
founded in 1990, is the nation's largest independent provider of automobile
financing. Its 18 Regional Buying Centers are located in Arizona; northern
and southern California; Colorado; Florida; Georgia; Maryland; Massachusetts;
Minnesota; Missouri; New York; North Carolina; Ohio; Tennessee; north, south
and west Texas; and Washington.
This news release contains forward-looking statements that are subject to
certain risks and uncertainties that could cause actual results to differ
materially from historical results or from those results currently anticipated
or projected. Such factors include, among other things, the following:
increased delinquency and loan loss rates; accounting changes; regulatory
changes; interest rate fluctuations; difficulties or delays in the
securitization of automobile loans; availability of adequate debt and equity
financing; general economic and business conditions; and other matters set
forth under the caption "Cautionary Statements" in exhibit 99.1 to the
Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1999.
SOURCE Arcadia Financial Ltd.
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800-758-5804, ext. 652638
CONTACT:
Scott R. Fjellman, Investor Relations of
Arcadia Financial Ltd., 612-944-4582
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