Fitch affirms GMAC

Fitch Ratings said it affirmed the BB+ long-term issuer default and senior debt ratings and B short-term issuer and senior debt ratings of GMAC LLC, GMAC International Finance BV, GMAC Bank GmbH, General Motors Acceptance Corp., Australia and General Motors Acceptance Corp. of Canada Ltd.

The agency also affirmed the BB+ long-term issuer default rating of General Motors Acceptance Corp. (N.Z.) Ltd. and the B short-term issuer and senior debt ratings of GMAC NZ and GMAC Australia (Finance) Ltd.

The outlook remains positive.

The affirmation follows the release of GMAC's fourth-quarter and full-year results for 2006 and reflects Fitch's view that the company's new ownership remains committed to improving GMAC's credit profile, expanding diversified financing and insurance businesses and addressing any weaknesses within the organization. In addition, the agency said it believes that GMAC's liquidity remains solid and improving. For example, GMAC completed a dealer floorplan securitization that did not contain a trigger related to a Chapter 11 bankruptcy.

Nonetheless, Fitch believes that weakness at wholly owned subsidiary Residential Capital LLC could slow rating momentum at GMAC.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.