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Moody's cuts GMAC
Moody's Investors Service said it downgraded the senior unsecured rating of GMAC LLC to B1 from Ba3.
Separately, the agency said that the senior unsecured rating of Residential Capital LLC (ResCap) was downgraded to B2 from Ba3.
The outlook for both firms is negative.
The GMAC rating action is a result of Moody's downgrade of ResCap's ratings.
According to the agency, GMAC's rating downgrade contemplates that the firm will likely continue to provide capital support to ResCap in the near term, primarily through similar open-market debt repurchases.
Moody's said it has come to believe, however, that GMAC may have a limited tolerance for supporting ResCap if ResCap's performance and condition fail to meet management expectations for improvement during the first half of 2008.
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