GMAC's Financial Rating Still Under Review
NEW YORK -- Moody's Investors Service is keeping the ratings of General Motors Acceptance Corp. under review, pending news of a partial sale of the General Motors unit, according to Reuters.
NEW YORK -- Moody's Investors Service is keeping the ratings of General Motors Acceptance Corp. under review, pending news of a partial sale of the General Motors unit, according to Reuters.
GMAC's ratings were placed under review in October, with the rating direction uncertain, after GM said it planned to sell a controlling stake in GMAC to restore its investment-grade ratings.
Reviews are typically resolved within three months, but "the sale of GMAC continues to be a developing situation in which no definitive sale agreement has been announced," Moody's said in a statement. Moody's rates GMAC "Ba1," the highest junk rating.
GMAC's ratings would likely be lowered to within one notch of GM's if there is no progress on completing a sale in a "reasonable time frame," Moody's said. GM's long-term rating is "B1," or four steps below investment-grade.
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