S&P: GM unaffected

Standard & Poor's said ratings on General Motors Corp. (B/stable/B-3) are not immediately affected by downgrades of 49%-owned subsidiaries GMAC LLC and Residential Capital LLC.

The agency said it remains concerned about tightening credit market conditions and rising auto loan delinquencies, trends that if prolonged could ultimately lessen the ability of auto finance companies to obtain funding and provide attractive loans or other financing options to consumers.

S&P said it does not believe there is any immediate impact on GM from the downgrades of GMAC and ResCap in the form of rating triggers or mandatory calls on GM's cash. GM is not obligated to provide any capital to GMAC, the agency noted.

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