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S&P affirms GMAC, ResCap
Standard & Poor's said it affirmed its CCC/C counterparty credit ratings on GMAC LLC and Residential Capital LLC.
The outlooks are revised to developing from negative on both companies.
"Several actions GMAC LLC has taken in conjunction with the U.S. Treasury, the Federal Reserve and the FDIC have materially enhanced the company's capital and liquidity profiles and better positioned the company for what we believe will be continued challenging operating conditions," said credit analyst John K. Bartko, CPA.
"During the next two years, the agency said it might consider raising its ratings on GMAC LLC and Residential Capital LLC if the capital and liquidity positions they currently enjoy as a result of various U.S. government actions were to combine with a resurgent auto finance sector and a return to full financial health for General Motors Corp. and Chrysler LLC."
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