Ally Financial Inc. (Ally) has announced that it has entered into a plan support agreement with the bankruptcy estate of Residential Capital LLC (ResCap) and with ResCap creditors. The agreement, subject to approval by ResCap's bankruptcy court, is intended to settle existing claims between Ally and ResCap, and most of the actual and potential claims outstanding on Ally from third parties relating to mortgage finance securitization activities ResCap conducted between 2004 and 2008. As a result, we are placing our ratings on Ally on CreditWatch with positive implications. TORONTO (Standard&Poor's) May 16, 2013--Standard&Poor's Ratings Services today said it placed its ratings, including its 'B+' long- and 'C' short-term counterparty credit ratings, on Ally Financial Inc. (Ally)
