On June 20, 2008, Standard&Poor's Ratings Services today said it is placing its 'B' long-term counterparty credit and senior unsecured ratings on GMAC LLC on CreditWatch with negative implications. The CreditWatch reflects our decision to review GMAC's rating in light of the increased challenges at its parent, General Motors Corp. (GM, 49% owner; please see the separate research update addressing GM, published earlier today on RatingsDirect). High gasoline prices are the primary cause of the increasingly challenging operating conditions for GM, and hence GMAC. The review, which we are also undertaking on other rated U.S. automakers, was prompted by renewed concerns about GM's prospective cash outflows in light of the prospects for U.S. sales for the rest of
