Standard&Poor's Ratings Services published on Dec. 9, 2014, its revised criteria for rating nonbank financial institutions and debt issued by such companies. Under the new criteria, we are placing greater emphasis on the positive credit benefits related to Ally Financial's regulation as a financial holding company, its banking subsidiary's access to central bank funding, and the company's strong capital. As a result, we raised our long-term issuer credit rating on Ally Financial to 'BB+' from 'BB', and we raised our rating on the company's senior unsecured notes to 'BB+' from 'BB'. The stable outlook reflects our expectation that Ally will maintain its market position in the face of cyclical and competitive pressures arising from its concentrated exposure to
