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Moody's cuts Banco GMAC
Moody's Investors Service said it downgraded Banco GMAC SA's global long-term local- and foreign-currency deposit ratings to Ba3 from Ba2. Moody's also downgraded the long-term national scale deposit rating of Banco GMAC to A2.br from Aa3.br. The short-term national scale rating remains unchanged at BR-1.
The negative outlook on the global deposit ratings of GMAC Brazil remains unchanged, and the outlook on the national scale ratings was changed to negative from stable.
Moody's said the actions follow Moody's downgrade of General Motors Acceptance Corp., LLC's long-term senior unsecured debt rating to Ba3 from Ba2.
The agency said it recognizes that the Brazilian operation of Banco GMAC is performing well on the back of positive macro conditions and resilient credit growth in Brazil, both reflected in the bank's adequate financial metrics and robust loan expansion.
The current stress at GMAC LLC's level exposes the Brazilian subsidiary to uncertainties regarding the confidence sensitivity of its funding, as well as its capital adequacy going forward, the agency said.
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