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& DESIGN Home Page Architecture Brand Equity Auto Design Game Room SMALLBIZ Smart Answers Success Stories Today's Tip FINANCE Investing: Europe Annual Reports Bloomberg BW50 SCOREBOARDS Hot Growth Companies: 2008 Mutual Funds Info Tech 100 B-SCHOOLS Undergrad Programs Rankings & Profiles | | SEPTEMBER 4, 2001 WORD ON THE STREET • From S&P Banc of America Cuts Providian Financial Rating The bank dramatically lowered its long-term growth rate for the rest of the year
Analyst Caren Meyer says the company is lowering its long-term growth rate to 15% from 20-25%; guidance for loan growth has been lowered significantly for the rest of 2001. She notes management subsequently said it changed its bankruptcy chargeoff policy on June 18. She says the net effect was to understate loss rate by 30 basis points. Meyer thinks the timing of the change is suspicious, and she notes management didn't disclose the change during its Q2 conferance call, and she thinks this impacts the company's credibility. Get BusinessWeek directly on your desktop with our RSS feeds.  Add BusinessWeek news to your Web site with our headline feed. Click to buy an e-print or reprint of a BusinessWeek or BusinessWeek Online story or video. To subscribe online to BusinessWeek magazine, please click here. Learn more, go to the BusinessWeekOnline home page  | | [an error occurred while processing this directive] |
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