The ratings on General Motors Acceptance Corp. (GMAC) reflect those of its parent, General Motors Corp. (GM; see the related analysis on General Motors Corp. published on Dec. 3, 2003, on RatingsDirect, Standard&Poor's Web-based credit analysis system). The ratings on GM reflect the company's average overall business position as the world's largest automaker and a financial profile dominated by burdensome debt and debt-like benefits obligations. In its core North American operations, GM has made significant progress in enhancing its competitiveness. 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. GM's U.S. market share has been
