General Motors Acceptance Corp.'s (GMAC) ratings are the same as those of its parent, General Motors Corp. (GM; see the related analysis on General Motors Corp., published on April 9, 2003). The ratings on General Motors Corp. (GM) reflect the company's average overall business position as the world's largest automaker and a financial profile dominated by its burdensome benefits obligations. In its core North American operations, GM has demonstrated a competitive resurgence over the past two years. The company's cost performance has improved as a result of ongoing efforts to contain material costs, capitalize on the use of common components among vehicles, enhance labor productivity, and reduce employment levels. At the same time, GM has stabilized its U.S. market share,
