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S&P: Residential Capital, GMAC unaffected
Standard & Poor's said Residential Capital LLC's (BB+/negative/B) disclosure that it will repurchase $750 million par value of debt and GMAC LLC's (BB+/negative/B) affirmation of its continued support of Residential Capital will not affect the ratings on either issuer.
Residential Capital's tender offer would result in modestly reduced financial leverage, particularly if purchases occur at discounted prices, according to the agency. Although the acquisitions would hurt liquidity, S&P said it is comfortable with the company's current liquidity position.
GMAC's affirmation of its support of Residential Capital already was factored into the current ratings, the agency said.
S&P: infoUSA unaffected
Standard & Poor's said its rating and outlook for infoUSA Inc. (BB/stable) are not affected by the company's announcement regarding an informal investigation by the Denver regional office of the Securities and Exchange Commission.
The office is requesting voluntary production of documents regarding related party transactions, expense reimbursement, other corporate expenditures and certain trading in infoUSA's securities.
S&P said it would monitor the inquiries into the company's governance practices and developments relating to a Delaware lawsuit with allegations of conflicts of interest.
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