DBRS Assigns AAA Ratings to GMAC LLC’s FDIC Guaranteed Notes Issuance

DBRS has today assigned ratings of AAA to the $3.5 billion 2.20% Senior Notes due December 2012 and the $1.0 billion LIBOR-indexed Senior Floating-Rate Notes due December 2012, issued by GMAC LLC (GMAC or the Company). The AAA ratings are based on the explicit guarantee provided by the Federal Deposit Insurance Corporation (FDIC) Temporary Liquidity Guarantee Program (TLGP), which is backed by the full faith and credit of the United States. Under the TLGP, the FDIC guarantees payment of qualifying debt issued by eligible FDIC-insured depository institutions, such as GMAC.

The AAA rating reflects DBRS’s opinion as to the guarantor’s ability to honor the guarantee as determined by DBRS’s internal assessment of the sovereign. All other debt ratings, including GMAC’s CCC Issuer and Long-Term Debt rating, remain at their current levels. All non-guaranteed debt ratings remain Under Review – Developing, where they were placed on May 25, 2009.

Note:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Auto Finance Companies Operating in the United States, which can be found on our website under methodologies.

This is a Corporate (Financial Institutions) rating.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Ratings

Back to top