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Moody's cuts GMAC Mexicana
Moody's Investors Service said it downgraded GMAC Mexicana, SA Sofol's long-term Mexican national scale debt rating to Baa1.mx from A3.mx and short-term Mexican national scale debt rating to MX-3 from MX-2. Moody's lowered GMAC Financiera, SA Sofol's long-term Mexican national scale debt rating to Baa1.mx from A3.mx.
The outlook is negative.
Moody's said the actions follow the downgrade on General Motors Acceptance Corp. LLC's senior unsecured rating to B1 from Ba3. The outlook is negative.
Ratings are based on irrevocable and unconditional guarantees provided by GMAC, the agency said.
The subsidiaries' financial performance on a standalone basis remains adequate, Moody's added.
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