NEW YORK (Standard&Poor's) Nov. 17, 2009--Standard&Poor's Ratings Services said today that its ratings on both GMAC Inc. and Residential Capital LLC (both CCC/Developing/C) are not affected by yesterday's management change. GMAC announced that it replaced its CEO, Alvaro de Molina, with board member Michael Carpenter. In addition, GMAC is asking the U.S. Treasury to postpone its decision on the planned follow-on investment of Troubled Asset Relief Program funds in GMAC until GMAC management has assessed the current situation and can advise the board and Treasury regarding the appropriate amount and form of such funding. Yesterday's announcement continues the churning of management at the company, which we already factor into our ratings. We will continue to monitor
