GMAC LLC, Residential Capital LLC Downgraded, On CreditWatch Negative - S&P Global Ratings’ Credit Research

GMAC LLC, Residential Capital LLC Downgraded, On CreditWatch Negative

GMAC LLC, Residential Capital LLC Downgraded, On CreditWatch Negative - S&P Global Ratings’ Credit Research
GMAC LLC, Residential Capital LLC Downgraded, On CreditWatch Negative
Published Nov 20, 2008
Published Nov 20, 2008
Price US$ 150.00  |  Buy this Report Now

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Abstract:

NEW YORK (Standard&Poor's) Nov. 20, 2008--Standard&Poor's Ratings Services said today that it lowered selected ratings on GMAC LLC and its 100% owned subsidiary, Residential Capital LLC, including lowering the long-term counterparty credit rating on GMAC LLC to 'CC' from 'CCC' and lowering the long-term counterparty credit rating on Residential Capital LLC to 'CC' from 'CCC-'. These actions follow the launch of GMAC LLC exchange offers for certain notes of both entities. We view the exchange as a distressed debt exchange. The ratings on both GMAC LLC and Residential Capital LLC are placed on CreditWatch with negative implications. "The downgrade reflects the probability that, with the successful execution of the exchange offers, which will pay less than

  
Report Type:

Ratings Action

Ticker
GM1
Issuer
Ally Financial Inc.
GICS
Consumer Finance (40202010)
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "GMAC LLC, Residential Capital LLC Downgraded, On CreditWatch Negative" Nov 20, 2008. Alacra Store. May 07, 2025. <http://www.alacrastore.com/s-and-p-credit-research/GMAC-LLC-Residential-Capital-LLC-Downgraded-On-CreditWatch-Negative-684776>
  
APA:
S&P Global Ratings’ Credit Research. (). GMAC LLC, Residential Capital LLC Downgraded, On CreditWatch Negative Nov 20, 2008. New York, NY: Alacra Store. Retrieved May 07, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/GMAC-LLC-Residential-Capital-LLC-Downgraded-On-CreditWatch-Negative-684776>
  
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