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Fitch Ratings places GMAC LLC on rating watch-negative


Published : Wed, 14 Nov 2007 20:50
By : Agencies
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BOSTON (Thomson Financial) - Fitch Ratings Wednesday placed GMAC LLC and its related subsidiaries BB+ long-term issuer default ratings on rating watch-negative.

The action reflects ongoing pressures in the company's residential mortgage subsidiary, Residential Capital LLC, Fitch said.

Fitch expects to complete its review on the relative creditworthiness of GMAC and Residential Capital in four to six weeks.

GMAC operates in about 40 countries. In November 2006, General Motors Corp. sold 51% of GMAC to a group of investors led by Cerberus Capital Management LP.

Casey Logan

cl/jw

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