Fitch drops GMAC

Fitch Ratings said it has downgraded GMAC LLC's issuer default rating and senior unsecured debt as follows: issuer default rating to CCC from B+ and senior unsecured debt to CC from B+.

Concurrently, GMAC's ratings have been placed on rating watch negative, indicating that ratings may be lowered or affirmed at current levels, the agency noted.

This action follows a number of developments for the company, including continued operating losses, consideration of a debt exchange, and exploration of becoming a bank holding company, Fitch said, adding that these developments reflect, in part, the ongoing dislocations in the capital markets as well as developing problems in the macroeconomy.

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