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BULLETIN: Ratings on E-MAC Transactions Unaffected by Downgrade of GMAC Oct 04
Standard & Poors, Oct 2004
Abstract
LONDON (Standard & Poor's) Oct. 29, 2004-Standard & Poor's Ratings Services said today that its ratings on the notes issued by E-MAC NL 2002-I B.V., E-MAC NL 2003-I B.V., E-MAC NL 2003-II B.V., and E-MAC 2004-I B.V. (the 'E-MAC transactions') are unaffected by the downgrade of General Motors Acceptance Corp. (GMAC). On Oct. 14, 2004, Standard & Poor's lowered its long-term rating on GMAC to 'BBB-' from 'BBB'. This triggered an obligation set out in the documentation of the E-MAC transactions to notify the underlying borrowers of the sale of their mortgages and partially terminate the bank mortgages. GMAC has provided comfort that the conditions set out by Standard & Poor's, under which Standard & Poor's would feel it possible...
Companies mentioned in this report are: Ally Financial Inc.,E-MAC NL 2004-I B.V.
Action: Bulletin
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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