Moody's cuts two GMAC subsidiaries

Moody's Investors Service said it downgraded GMAC Mexicana, SA Sofol and GMAC Financiera, SA Sofol's long-term Mexican national scale debt rating to A1.mx from Aa3.mx and affirmed GMAC Mexicana's short-term Mexican national scale debt rating of MX-2.

The outlook is negative.

The action follows Moody's downgrade of GMAC LLC's long-term debt rating to Ba2 from Ba1 as GMAC Mexicana and GMAC Financiera's debt ratings are based on irrevocable and unconditional guarantees provided by GMAC, according to the agency.

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