S&P: GMAC unchanged

Standard & Poor's said that the ratings on GMAC LLC will not be affected by the company's announcement, filed in an 8-K, to buy back $1.2 billion face value of the debt of its mortgage subsidiary, Residential Capital LLC.

The ratings on ResCap will not be affected either, the agency said, noting that GMAC will contribute the notes to ResCap, which will then cancel the debt.

In exchange for the notes, GMAC will receive a newly established class of preferred membership interests in ResCap, with a redemption value equal to the $607 million market value of the debt acquired, the agency noted.

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