Fitch Eyes IDRs of GMAC, Subs

The issuer default ratings and senior unsecured debt ratings of GMAC LLC and its foreign subsidiaries have been placed on Rating Watch Negative by Fitch Ratings.The long-term IDRs and senior unsecured debt ratings of GMAC and its subsidiaries stand at BB-plus, and the short-term IDRs stand at B. The rating agency said the actions "reflect the ongoing pressure in the company's residential mortgage subsidiary, Residential Capital LLC." Fitch said its review of GMAC and ResCap will consider the ability of ResCap to return to profitability in the near term; the potential for additional financial support from GMAC; unencumbered asset coverage; and risk-adjusted capital levels. The rating agency said it expects to complete its review in four to six weeks.