Downgraded GMAC's UK bond sale larger than expected

Newswire

By Bei Bei She LONDON, May 25 (Reuters) - GMAC-RFC, the mortgage unit of recently downgraded General Motors Acceptance Corp (GMAC), sold a larger-than-expected UK home loan bond on Wednesday, the banks managing the sale said. The deal is the first bond sale by part of the General Motors group in Europe after two ratings agencies cut GMAC and car making parent General Motors to "junk" grade -- with the latest downgrade occurring less than 24 hours ago. Lead managers Credit Suisse First ...

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