ASSOCIATES FIRST CAPITAL CORP
8-K, 2000-02-15
PERSONAL CREDIT INSTITUTIONS
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                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549





                                 FORM 8-K
                              CURRENT REPORT

  Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

     Date of Report (Date of earliest event) February 14, 2000





                  ASSOCIATES FIRST CAPITAL CORPORATION
          (Exact name of registrant as specified in its charter)




            DELAWARE                              06-0876639
   (State or other jurisdiction                (I.R.S. Employer
     of incorporation)                       Identification Number)

                                  2-44197
                           (Commission File Number)


250 E. Carpenter Freeway, Irving, Texas                      75062-2729
(Address of principal executive offices)                     (Zip Code)



Registrant's telephone number, including area code (972) 652-4000

<PAGE>
Item 5.  Other Events.

The Registrant announced today that Keith W. Hughes, chairman and chief
executive officer of Associates First Capital Corporation, and members of his
management team discussed their outlook for 2000. Additional information about
this presentation can be found at the Associates website,
www.theassociates.com


Item 7.  Financial Statements and Exhibits

( c )  Exhibits

       20 -  News release by Associates First Capital Corporation dated
             February 14, 2000.



                                  SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                  ASSOCIATES FIRST CAPITAL CORPORATION





                                  By: /s/ Frederic C. Liskow
                                     ----------------------------------
                                     Assistant Secretary



Date: February 14, 2000



THE ASSOCIATES


NEWS

                     FOR IMMEDIATE RELEASE

THE ASSOCIATES CEO HUGHES DISCUSSES 2000 OUTLOOK

DALLAS, Feb. 14, 2000 - Speaking to a group of investors at
company headquarters today, Keith W. Hughes, chairman and chief
executive officer of Associates First Capital Corporation
(NYSE:AFS), and members of his management team discussed their
outlook for 2000.

     "The Associates is on track to continue its strong record of
reliable earnings growth,"said Hughes.  "The company's
significant global presence and diversified businesses give it
the ability to achieve its objective of mid-teens growth in
receivables and earnings.  Three areas will be key to profitable
growth this year - maintaining stable margins, improving credit
quality, and controlling expenses.  As always, we are focused on
these fundamentals."

Maintaining Margins

     As reported earlier, the company improved its net interest
margin in 1999.  To maintain stable margins going forward, the
company has instituted pricing initiatives across all business
lines to address anticipated rising interest rates.  "One of our
strengths is our ability to maintain stable margins throughout
varying interest rate cycles," Hughes said.  "Our record speaks
for itself."

     The company acknowledged a recent change in the credit
rating of its principal operating subsidiary to single-A-plus by
Standard & Poor's.  At the same time the subsidiary maintains its
double-A-minus rating at Moody's, Fitch and Duff & Phelps.  "The
company has operated with a split rating in the past with nominal
impact on borrowing capacity and cost," said Roy A. Guthrie,
senior executive vice president and chief financial officer.

Associates CEO Hughes
Feb. 14, 2000
Page Two

     In addition, the company said it is planning for a pending
change in the laws governing lending rates in Japan.  Company
officials said that while margins will be affected on new
unsecured loans made after June 1, it is taking steps to mitigate
the impact on earnings.  At the same time, the company expects
this change to provide opportunities for expansion of its
business as smaller competitors exit the market.

Credit Quality

     Officials said delinquencies showed improvement in the
fourth quarter 1999, except in home equity.  The company has
taken steps to address credit quality in that business.  During
1999, the underwriting criteria for its real estate products was
tightened and significant portions of its home equity receivables
were centralized into three service and collection centers.  The
company said it has seen improving credit losses in its domestic
home equity business, and overall, the company expects its loss
ratio to decrease in 2000.  To drive additional efficiencies
and expand sales opportunities, certain of the company's consumer
branch offices were restructured to focus exclusively on home
equity loan originations.

Expense Control

"We will balance expense control with prudent investments in our
infrastructure and delivery systems, which are part of building
for the future," said Guthrie.  The company discussed its first
quarter spending on conversions to new loan servicing systems,
enhancements to its existing system, and Internet initiatives.
These investments will allow the company to operate more
efficiently, improve customer service, and deliver new product
offerings.  "Even as we make these investments, we remain
committed to stringent cost controls," said Guthrie.

- -more-

<PAGE>
Associates CEO Hughes
Feb. 14, 2000
Page Three

     In closing the meeting, Hughes said, "The fundamentals of
our varied businesses are strong - our balance and
diversification enable us to demonstrate improved results
year-over-year regardless of the challenges of the environment in
which we operate."

     Associates First Capital Corporation, established in 1918,
is a leading diversified finance company providing consumer and
commercial finance, leasing, insurance and related services
worldwide.  The Associates, headquartered in Dallas, has
operations in the United States and 14 international markets.
For more information, visit The Associates Web site at
www.theassociates.com.

     This news release may contain certain forward-looking
statements. The factors which may cause future results to differ
materially from expectations are discussed in the Form 10-K
for the year ended Dec. 31, 1998, filed with the Securities
Exchange Commission.

# # #
Contact Information
Media:              David Sandor
                    (972) 652-7569

Security Analysts:       (972) 652-7294
                         [email protected]

Shareholders:  1-888-NYSE-AFS


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