NEW YORK (Standard&Poor's) May 2, 2008—Standard&Poor's Ratings Services said today that its ratings and negative outlook on GMAC LLC (B/Negative/C) will not be affected by the downgrade of its 100%-owned subsidiary, Residential Capital LLC to 'CC' from 'CCC+'. (See "Residential Capital LLC Downgraded To ?CC?; Still on CreditWatch Negative", published May 2, 2008, on RatingsDirect.) The ratings actions on Residential Capital LLC follow the company's launch of an exchange offer for unsecured bonds that would pay less than face value to certain Residential Capital LLC bondholders. The exchange illustrates the gravity of the Residential Capital LLC's financial position. Furthermore, the exchange indicates that GMAC LLC's ultimate parents, General Motors Corp. (49% owner of GMAC LLC) and
