NEW YORK (Standard&Poor's) March 15, 2007—Standard&Poor's Ratings Services said today that it affirmed its 'BB+/B-1' ratings on GMAC LLC (GMAC). The outlook remains developing. At the same time, we affirmed our ratings on GMAC's 100%-owned subsidiary, Residential Capital LLC (ResCap; BBB/A-3). ResCap's outlook remains negative. (See separate release regarding ResCap.) "The affirmation of our ratings follows the announcement of extremely weak fourth-quarter earnings, excluding the effects of nonrecurring items," said Standard&Poor's credit analyst Scott Sprinzen. GMAC's disappointing results reflect a precipitous decline in ResCap's financial performance, owing to its exposure to the deteriorating subprime mortgage sector. However, while we expect ResCap's earnings to remain depressed during the next several quarters, we believe ResCap will
