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Prospect News home > News index > List of issuers G > Headlines for GMAC LLC > News item
Published on 3/3/2008 in the Prospect News Bank Loan Daily and Prospect News High Yield Daily.

Fitch lowers GMAC

Fitch Ratings said it downgraded and removed from rating watch negative the long-term issuer default rating GMAC LLC and related subsidiaries to BB from BB+.

Fitch said it has also affirmed the B short-term ratings.

Fitch added that it originally placed GMAC on rating watch negative on Nov. 14.

The outlook is negative.

The agency said that the downgrade of GMAC's long-term issuer default rating reflects in part the company's financial support for its wholly-owned subsidiary ResCap, which generated considerable losses in 2007.


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