Moody’s Negative on Mexico, Brazil Autos

Moody’s has downgraded Ford Credit de Mexico to Baa3 on a national scale from Baa1, following a downgrade of the parent. The ratings remain on review for further downgrade. Ford announced that the Mexico unit’s CEO Louise Goeser has decided to retire effective November 1, to be replaced by COO Eduardo Serrano. Separately, Moody’s placed the B2 grade of GMAC Brazilian unit Banco GMAC on review for possible downgrade, also following a downgrade to its parent. “The gradual deterioration of GMAC ‘s stand-alone credit profile has contributed to higher funding costs for Banco GMAC that already pressured its profitability indicators in the first half of 2008,” the agency says.