On Nov. 7, 2008, Standard&Poor's Ratings Services lowered its long-term counterparty credit rating on GMAC LLC to 'CCC' from 'B-'. At the same time, we lowered our long-term counterparty credit rating on GMAC's subsidiary, Residential Capital LLC, to 'CCC-' from 'CCC+'. The ratings on GMAC were removed from CreditWatch Negative where they were placed Oct. 9, 2008. The outlooks for GMAC and Residential Capital LLC are negative. The ratings actions follow the companies' third-quarter earnings release that indicates continued intense financial stress at both entities. GMAC's consolidated $2.5 billion loss for the quarter was driven largely by Residential Capital LLC's loss ($1.9 billion). GMAC, absent Residential Capital LLC, continues to be pressured in its core auto finance business
