Business Services Industry
BRAZIL: MOODY'S DOWNGRADES BANCO GMAC'S RATINGS, FOLLOWING RATING ACTION ON GMAC LLC.
IPR Strategic Business Information Database, February, 2008
Moody's Investors Service downgraded Banco GMAC S.A.'s bank financial strength rating (BFSR) to E from D- and both its global long-term local and foreign currency deposit ratings to B1 from Ba3. Moody's also downgraded Banco GMAC's national scale deposit ratings to Baa1.br/BR-2 from A2.br/BR-1.
The outlook remains negative for all ratings except the BFSR, which outlook was changed to stable from negative. The actions on Banco GMAC's ratings are a direct result of Moody's downgrade of GMAC LLC's long-term senior unsecured debt rating to B1 from Ba3, announced on February 5, 2008. As a result of increased weakness at the parent level, the downgrade of Banco GMAC's ratings reflects the uncertainties regarding the bank's funding costs and its capital...
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