The majority of Ally Financial Inc.'s business is in the vehicle finance industry, and vehicle finance industry credit conditions are weakening, in our view. Although Ally Financial Inc. has made progress diversifying its automotive finance origination channels while improving profitability and maintaining consistent risk-adjusted asset performance, the company is highly concentrated in vehicle finance and could be negatively affected by the intense competition in the industry. We are revising our outlook on Ally to stable from positive and are affirming our 'BB+' long-term issuer credit rating. The stable outlook reflects our expectation that Ally will maintain a stable market position in consumer automobile and dealer floorplan finance, consistent risk-adjusted asset performance, and strong capital adequacy. On Oct. 12, 2016, S&P
