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S&P lowers GMAC
Standard & Poor's said it lowered on GMAC LLC's long-term counterparty credit rating to CC from CCC and subsidiary Residential Capital long-term counterparty credit rating to CC from CCC-.
The actions follow the launch of GMAC LLC exchange offers for certain notes, which the agency said it views as distressed. Ratings were placed on CreditWatch with negative implications.
According to the agency, the downgrade reflects the probability that, with the successful execution of the exchange offers, which will pay less than face value to certain bondholders.
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