S&P Knocks Mexico Units of GMAC, Ford Credit

S&P has lowered the national scale ratings of GMAC Mexicana to CCC from B minus, and of Ford Credit de Mexico to B+ from BB, it says. Both actions follow cuts in the ratings of each of their respective parents, and both ratings continue with a negative outlook. The Ford action centers on the parent’s “difficulties maintaining necessary liquidity in 2009.” S&P has lowered GMAC in response to a launch last week of an exchange offer for $38bn in bonds, which S&P views as a distressed debt exchange.