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Moody's cuts GM to Baa2, GMAC to Baa1
Moody's Investors Service said it lowered the long-term rating of General Motors Corp. to Baa2 from Baa1 and concurrently lowered the long-term rating of General Motors Acceptance Corp. to Baa1 from A3. GMAC's Prime-2 short-term rating is confirmed at the current level. The outlook for both companies is stable.
The downgrade of the GM rating reflects Moody's expectation that the company's key credit metrics will remain under pressure through 2005 due to various operational and competitive challenges.
Moody's said its downgrade of GMAC reflects the significant business ties between GM and GMAC that influence GMAC's origination volumes, asset mix and asset quality.
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