Moody's affirms GMAC Mexicana

Moody's Investors Service said it affirmed the MX-4 short-term Mexican national scale rating assigned to GMAC Mexicana, SA Sofol's short-term certificados bursátiles.

The affirmation follows Moody's review for downgrade on parent company GMAC, LLC's ratings (B3 senior unsecured rating).

GMAC Mexicana's debt rating is based on an irrevocable and unconditional guarantee provided by GMAC LLC.

Moody's noted that although GMAC Mexicana's financial performance on a standalone basis remains adequate, the financial standing of GMAC LLC is now weaker.

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