Resilient auto finance business Disciplined underwriting track record Consistent execution of business strategy Concentrated single industry exposure Reliance on direct banking deposits, which may be more sensitive to rising rates than branch deposits Profitability below industry average The stable outlook reflects S&P Global Ratings' expectation that Ally Financial Inc.'s auto finance and direct banking operations will remain resilient in the next two years through economic and interest rate cycles, and that its capital ratios will remain adequate after current expected credit losses (CECL) adoption, including a risk-adjusted capital (RAC) ratio at the lower end of the 7%-10% range. Also, we expect Ally will maintain consolidated net charge-offs of less than 1.0%, with annualized consumer auto net charge-offs of less than
