GMACCM Units' Senior Debt Downgraded

Published October 14, 2004, 2:00 p.m. EDT

1 Min Read

The senior unsecured debt of GMAC Commercial Mortgage Bank PLC and GMAC Commercial Mortgage Japan KK has been downgraded from BBB-plus to BBB by Fitch Ratings as part of a broader downgrade of debt issued by General Motors Corp., General Motors Acceptance Corp., and related entities.Fitch also affirmed the corresponding commercial paper ratings at F2, and left the Rating Outlook at Negative. The rating agency attributed the downgrades and outlook to GM's "margin compression," weakness in its truck and car portfolios, and "significant post-employment benefit obligations." But it said GMAC's automotive and mortgage finance operations "have exceeded expectations and are projected to continue to perform well." The rating agency can be found online at http://www.fitchratings.com.

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