Fitch Downgrades ResCap's IDR

Fitch Ratings has downgraded the long-term issuer default rating on Minneapolis-based Residential Capital LLC from BBB to BB-plus and placed it on Rating Watch Negative.Fitch also downgraded ResCap's short-term IDR from F2 to B and placed it on Rating Watch Negative. The actions (which also included the previously reported downgrade of Countrywide Financial Corp.'s IDR, and the placement of IndyMac Bancorporation's ratings on Rating Watch Negative) were attributed to "the unprecedented disruption in the capital markets, which has severely reduced liquidity for mortgage-centric entities." The rating agency said the actions stemmed primarily from reduced liquidity, but that "other factors such as weakening operating performance and deteriorating asset quality beyond Fitch's expectations" were also considerations. ResCap is the parent company of GMAC Residential. Fitch can be found online at http://www.fitchratings.com.