Moody’s Chops Mexico’s GMAC

Moody’s has lowered the ratings of the senior certificates MXMACFW 07U issued under the MXMAC program established by GMAC Financiera in Mexico to Baa3 from A3 on the global scale. The agency also cut the senior certificates MXMACFW 06U of the same program to Baa3 from A3 in the global scale and placed it on review for further downgrade. “This rating action is based on the continued weaker than expected performance of the collateral assigned to the transaction,” says Moody’s.