Fitch rates GMAC notes B

Fitch Ratings said it assigned a B rating with a recovery rating of 4 to GMAC Inc.'s $2 billion issuance of 8.3% five-year unsecured debt. The company's long-term issuer default rating is B, senior unsecured rating is B with recovery rating of 4, short-term issuer default rating of B, short-term debt is B, long-term FDIC guaranteed debt is AAA and short-term FDIC guaranteed debt is F1+.

The outlook is positive.

Proceeds will be used to make loans, purchase receivables and for general corporate purposes, the agency said.

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