Research Update: GMAC LLC And Residential Capital LLC Ratings Raised To 'CCC/C'; Outlook Negative Feb 09
Standard & Poors, February 2009
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.
Abstract
On Feb. 4, 2009, Standard & Poor's Ratings Services raised its counterparty credit rating on GMAC LLC and its 100% owned subsidiary Residential Capital LLC to 'CCC/C' from 'SD' (selective default). All debt that was not part of the exchange offers was upgraded to 'CCC' from 'CC' and removed from CreditWatch Negative. The outlooks are negative. We also assigned issue ratings to various guaranteed unsecured senior notes, unguaranteed unsecured senior and subordinated notes, and perpetual preferred stock--all issued by GMAC as part of the GMAC and Residential Capital LLC debt exchange offerings. It is our understanding that GMAC Latin America Holdings LLC, GMAC International Holdings Co-peratief U.A., GMAC Continental LLC, IB Finance Holding Company LLC, and GMAC US LLC (each...
Companies mentioned in this report are: Ally Financial Inc.,Motors Liquidation Co. (fka General Motors Corp.),General Motors Acceptance Corp. (U.K.) PLC,General Motors Acceptance Corp. Nederland N.V.,General Motors Acceptance Corp. of Canada Ltd.,GMAC International Finance B.V.,GMAC Australia LLC,General Motors Acceptance Corp. (N.Z.) Ltd.,GMAC Commercial Mortgage Funding Asia K.K.,Residential Capital, LLC,Preferred Blocker Inc.
Action: Outlook: Negative
Action: Upgraded
Ally Financial Inc.,Motors Liquidation Co. (fka General Motors Corp.),General Motors Acceptance Corp. (U.K.) PLC,General Motors Acceptance Corp. Nederland N.V.,General Motors Acceptance Corp. of Canada Ltd.,GMAC International Finance B.V.,GMAC Australia LLC,General Motors Acceptance Corp. (N.Z.) Ltd.,GMAC Commercial Mortgage Funding Asia K.K.,Residential Capital, LLC,Preferred Blocker Inc.
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