Moody’s Downgrades GMAC Mexico Subs

Moody’s de Mexico has downgraded GMAC Mexicana Sofol’s long-term national scale debt rating to Baa1.mx from A3.mx, and the long-term domestic rating to Baa1.mx from A3.mx. The ratings have negative outlooks and follow a downgrade of General Motors Acceptance Corporation LLC’s senior unsecured rating to B1 from Ba3. “GMAC Mexican subsidiaries’ debt ratings are based on irrevocable and unconditional guarantees provided by GMAC, and as such, the downgrading of GMAC LLC has a direct impact on the ratings of their guaranteed debt,” says the agency. “Although the subsidiaries’ financial performance on a stand-alone basis remains adequate, the financial standing of GMAC LLC is now weaker,” it adds.