On May 16, 2013, we placed our ratings on Ally Financial Inc. on CreditWatch with positive implications following the announcement of a proposed settlement plan to address certain potential claims on Ally arising from its ownership of Residential Capital LLC (ResCap, which is currently subject to a Chapter 11 bankruptcy proceeding). Our ratings on Ally remain on CreditWatch with positive implications pending implementation of the plan. Our resolution of the CreditWatch listing is conditional on implementation of the settlement plan in connection with the bankruptcy court's confirmation of ResCap's plan of reorganization, or on the settlement plan's effective abandonment or material modification. Concurrently, we will also conduct a review of Ally, putting aside factors addressed in the proposed ResCap settlement,
