Standard&Poor's Ratings Services' ratings on Ally Financial Inc. (formerly GMAC Inc.) reflect the company's heavy reliance on the customers, dealers, and products of General Motors Co. and Chrysler Corp., its modest core earnings, and the legal and regulatory risks in its mortgage business. The company's large automotive-finance platform and its status as a bank holding company support the rating. Ally continues to work through the considerable challenges of transitioning from its former role as a nonbank finance company to an independent bank holding company. It is attempting to build on and defend its role as the largest financer of GM and Chrysler customers and dealers while reducing its funding costs and resolving substantial issues in its mortgage business.
