TORONTO (Standard&Poor's) May 2, 2013--Standard&Poor's Ratings Services today said its ratings on Ally Financial Inc. (B+/Positive/C) are unaffected by the company's first-quarter results, which were in line with our expectations. Ally reported first-quarter net income of $1.1 billion, compared with $310 million for the first quarter of 2012. The company's reported core pretax income, adjusted for certain nonrecurring items, was $207 million, compared with $111 million for the same period in 2012, but down from $314 million in the previous quarter. The company's adjusted results reflect consistent performance by Ally's core U.S. auto finance business, and ongoing progress in divestment of noncore mortgage and international operations and related reduction in the expected volatility of Ally's financial
