General Motors Acceptance Corp.'s (GMAC) ratings are the same as those of its parent, General Motors Corp. (GM). The ratings on GM reflect the company's above-average business position as the world's largest automaker. GM is now well-positioned in the highest-margin light-truck segments--sport utility vehicles (SUVs) and pickups--after a series of successful new product introductions made during the past three years. During this time, the company has also made significant strides in product quality. The cost position of GM's core North American automotive operations has improved significantly since the early 1990s due to ongoing efforts to contain material costs, capitalize on the use of common components among vehicles, enhance labor productivity, and lower employment levels. But, the disproportionate reliance of GM's
