Standard&Poor's Ratings Services' ratings on Ally Financial Inc. (Ally) (formerly GMAC Inc.) reflect the support the U.S. government provided to the company in the form of common equity and various types of hybrid instruments allowing, in our opinion, for the survival of the company through the credit crisis. Additionally, Ally maintains a sizeable auto lending platform build on its historic relationship with auto manufacturer General Motors (GM). Also considered in our ratings are the considerable challenges facing the company, as it transitions away from its long-held captive relationship with GM to an independent provider of auto finance products and services. Adding to this challenge is lingering weaknesses in the U.S. automobile industry and the legacy exposure to the
