NEW YORK (Standard&Poor's) Dec. 31, 2008--Standard&Poor's Ratings Services said today that it lowered selected ratings on GMAC LLC and its subsidiary Residential Capital LLC, including lowering the long-term counterparty credit rating to 'SD' (selective default) from 'CC' for both entities. The ratings were removed from CreditWatch, where they were placed with negative implications on Nov. 20, 2008. This action follows the company's completion of an exchange offer for certain bonds of both GMAC LLC and Residential Capital LLC that, for the reasons cited below, is characterized pursuant to our criteria as a distressed debt exchange. "The downgrade reflects the fact that the exchange offer paid less than face value to certain bondholders and left untendered bonds
