On Aug. 15, 2006, Standard&Poor's Ratings Services said its ratings on GMAC LLC (formerly General Motors Acceptance Corp.) (GMAC; 'BB/B-1') remain on CreditWatch, where they were placed on Oct. 3, 2005, pending completion of General Motors Corp.'s (GM) planned sale of 51% of its ownership interest in GMAC to a consortium led by Cerberus Capital Management L.P. Upon completion of the sale, Standard&Poor's is likely to raise the ratings to 'BB+/B-1'. Several key closing conditions have recently been satisfied, including: The Pension Benefit Guaranty Corp.'s assurance that it would not, as a result of the GMAC transaction, take action under ERISA to terminate GM's pension plans or impose liability on the purchaser or GMAC; Cerberus being
