S&P keeps Ally on CreditWatch

Standard & Poor's said it kept its ratings on Ally Financial Inc., including its B+ issuer credit rating, on CreditWatch, where they had been placed with positive implications on May 16.

The agency placed its Ally ratings on CreditWatch following the announcement of a proposed settlement plan to address certain potential claims on Ally arising from its ownership of Residential Capital LLC, which is currently subject to a Chapter 11 bankruptcy proceeding.

"The ratings remain on CreditWatch conditional on implementation of the settlement plan in connection with the bankruptcy court's confirmation of ResCap's plan of reorganization, or on the settlement plan's effective abandonment or material modification," S&P credit analyst Tom Connell said in a news release.

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