Resilient auto finance business Disciplined underwriting 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 negative outlook reflects S&P Global Ratings' view that Ally's financial performance could be more sensitive to the economic fallout from the COVID-19 pandemic than the average U.S. bank. We attribute this sensitivity to Ally's sizable concentration in auto lending that may face heightened risk of financial distress in the current economy. We believe the increase in unemployment and weakened consumer confidence from the COVID-19-related economic shutdown has resulted in substantial headwinds for U.S. consumer lenders such as Ally. Our outlook also incorporates the
