On Nov. 1, 2007, Standard&Poor's Ratings Services removed its ratings on GMAC LLC from CreditWatch, where they were placed with negative implications on Oct. 17, 2007. At the same time, we affirmed our 'BB+/B' long-term counterparty credit rating on GMAC LLC. The outlook is negative. The action reflects the diminished earnings prospects of GMAC LLC's 100%-owned affiliate, Residential Capital LLC (BB+/Negative/B), and follows the company's announcement (see separate release) of a third-quarter net loss of $2.3 billion. Residential Capital LLC's loss resulted in a $1.6 billion consolidated loss for GMAC LLC. Residential Capital LLC's loss was driven by credit- and market-related charges and write-downs. In the past, Residential Capital LLC comprised as much as half of GMAC LLC's
