The ratings on General Motors Acceptance Corp. (GMAC) reflect those of its parent, General Motors Corp. (GM). The rating on GM reflects 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 broadly stable for the past three years. In addition, its market mix has improved, with its position in the highest-margin light-truck segments
