Fitch: GMAC impact limited

Fitch Ratings said that previously placed the issuer default rating and related securities of General Motors Corp. on rating watch negative following the decision of the United Auto Workers union to go out on strike against GM.

As Fitch said it expects the strike to be short-lived, the immediate impact on GMAC LLC's current rating is limited as dealers have sufficient inventory to support retail originations.

Despite recent labor issues impacting GM, Fitch said it maintains that GMAC's ownership remains committed to improving the company's credit profile, expanding diversified financing and insurance businesses and addressing any weaknesses within the organization.

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