Moody's: GMAC of Mexico on negative review

Moody's de Mexico said it put on review for possible downgrade the Aa3.mx long-term Mexican national scale debt ratings assigned to GMAC Mexicana, SA de CV Sofol and GMAC Financiera, SA de CV Sofol.

Moody's also said it affirmed both company's MX-2 short-term Mexican national scale debt rating.

These actions follow Moody's Oct. 10 placement of General Motors Acceptance Corp.'s ratings on review for possible downgrade.

GMAC Mexicana and GMAC Financiera's debt ratings are based on irrevocable and unconditional guarantees provided by GMAC. Under the GMAC umbrella, both company's replicate their parent's business model in the Mexican local market, Moody's said.

Moody's noted that each of the Mexican subsidiaries maintain a good financial profile, which enable them to face the highly competitive environment.

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