The ratings on General Motors Acceptance Corp. (GMAC) reflect Standard&Poor's Ratings Services' concerns about parent company General Motors Corp.'s (GM's) ability to turn around the performance of its North American automotive operations. If recent trends persist, GM could ultimately need to restructure its obligations (including its debt and contractual obligations), despite its currently substantial liquidity and management's statements that it expects improved financial results in 2006 and has no intention of filing for bankruptcy. Consolidated debt outstanding totaled $286 billion at Dec. 31, 2005. GM suffered meaningful market share erosion in the U.S. in 2005, despite concerted efforts to improve the appeal of its product offerings. At the same time, the company experienced marked deterioration of its product
