S&P cuts GMAC, ResCap ratings, outlook negative

Newswire

LONDON, Feb 22 (Reuters) - Standard & Poor's on Friday cut its credit ratings on GMAC LLC, the auto-financing business owned by Cerberus Capital Management [CBS.UL] and General Motors Corp. , and mortgage unit Residential Capital LLC. S&P cut GMAC three notches to B+ and Residential Capital four notches to B, the ratings agency said in a statement. It said the ratings outlook for both companies was negative, suggesting further downward pressure. The agency said both companies ...

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