Business Services Industry
BRAZIL: MOODY'S AFFIRMS BANCO GMAC'S RATINGS.
IPR Strategic Business Information Database, April, 2008
Moody's Investors Service has affirmed the ratings assigned to Banco GMAC S.A: the bank financial strength rating (BFSR) of E ; the B1 for both global local-currency (GLC) and foreign-currency deposits; and the Baa1.br/BR-2 for national scale deposits in Brazil. The outlook remains negative for all ratings, except for the BFSR, which outlook is stable.
The affirmation of Banco GMAC's ratings follows the rating actions taken on parent GMAC LLC, on April 23, 2008. The latest rating downgrades at the parental level, started in November 2007, have not hurt the local bank's financial condition, which continues to present a satisfactory financial performance on the back of a favorable economic environment and strong auto-finance growth. The E BFSR mainly reflects the...
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