After having its credit ratings reduced to junk status, General Motors Corp., is looking to receive an independent evaluation from rating agencies for its lending subsidiary, General Motors Acceptance Corp (GMAC).

The combination of predicted first-quarter losses and a large drop in SUV sales in early May pushed Standard & Poor's (S&P) to lower its ratings for both GM and GMAC to junk status.

Investor Kirk Kerkorian aimed to raise his equity stake in GM to just below 9% the day after S&P announced its changed ratings for the company, raising speculation that he might try to push GM to sell its lending company. By seeking a higher rating for GMAC, experts say, GM is demonstrating that it expects to keep the finance unit.

Moody's Investors Service and Dominion Bond Ratings, based in Toronto, already rate GMAC slightly higher than GM. Fithc Ratings has showin it will consider the request for a separate rating, while S&P is more resistant.

If GMAC fails to get Fitch and S&P ratings it will still be able to raise capital through repackaging its consumer auto loans to sell to investors, securitizations, and selling whole loans to third parties. In the corporate bonds market, GMAC bonds have outperformed GM bonds.