NEW YORK, Dec 31 (Reuters) - Standard & Poor's on Wednesday cut its ratings on GMAC and its subsidiary, Residential Capital, to "selective default," citing a debt exchange that paid investors less than face value for their bonds. The debt exchange and recent approval of GMAC as a bank holding company will enhance the company's liquidity but also illustrate the gravity of its position, S&P said in a statement. GMAC, the struggling financing affiliate of General Motors Corp , ...
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