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- Published: November 2011
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Research Update: GMAC LLC, Residential Capital LLC Ratings Lowered To 'SD' From 'CC', Taken Off CreditWatch Dec 08
- Published: December 2008
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
On Dec. 31, 2008, Standard & Poor's Ratings Services lowered selected ratings on GMAC LLC and its subsidiary Residential Capital LLC, including lowering the long-term counterparty credit rating to 'SD' (selective default) from 'CC' for both entities. The ratings were removed from CreditWatch, where they were placed with negative implications on Nov. 20, 2008. This action follows the company's completion of an exchange offer for certain bonds of both GMAC LLC and Residential Capital LLC that, for the reasons cited below, is characterized pursuant to our criteria as a distressed debt exchange. Consummation of the GMAC offer will result in the issuance of approximately $11.9 billion aggregate principal amount of new GMAC senior guaranteed notes of various series and approximately...
Companies mentioned in this report are: Ally Financial Inc.,General Motors Acceptance Corp. of Canada Ltd.,GMAC International Finance B.V.,Residential Capital, LLC
Action: Removed From CreditWatch
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Ally Financial Inc.,General Motors Acceptance Corp. of Canada Ltd.,GMAC International Finance B.V.,Residential Capital, LLC