Moody's cuts GMAC Mexicana, GMAC Financiera

Moody's de Mexico said it downgraded the long-term Mexican national scale debt ratings assigned to GMAC Mexicana, SA de CV Sofol and GMAC Financiera, SA de CV Sofol to Aa3.mx from Aa1.mx, respectively.

The outlook is negative.

At the same time, Moody's downgraded the short-term Mexican national scale debt ratings assigned to GMAC Mexicana and GMAC Financiera to MX-2 from MX-1, respectively.

Moody's said these rating actions follow Moody's downgrade of General Motors Acceptance Corp.'s ratings.

GMAC Mexicana and GMAC Financiera's debt ratings are based on irrevocable and unconditional guarantees provided by GMAC.

On Wednesday Moody's downgraded to Ba1 from Baa2 the long-term ratings of GMAC. At the same time GMAC's short-term rating was downgraded to Not Prime from Prime-2. The outlook is negative.

Moody's said these rating actions reflect concerns at the General Motors level. Significant business and financial ties between GM and GMAC influence GMAC's origination volumes, asset mix and asset quality.

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