NEW YORK (Standard&Poor's) June 1, 2009--Standard&Poor's Ratings Services said today that its ratings on GMAC LLC and Residential Capital LLC (both CCC/Developing/C) are not affected by General Motors Corp.'s (GM) chapter 11 bankruptcy filing in the U.S. Bankruptcy Court-Southern District of New York. GM's filing presents uncertainty with regard to GMAC LLC's operations. It does not, however, result in a filing by GMAC LLC, and indeed GM stated that "GMAC has not filed for bankruptcy, nor does it intend to, and the company continues to meet all of its obligations." In the near term, it remains to be seen what impact the filing will have on the demand for GM's auto products and related demand for
