Fitch Downgrades GMAC's L-T IDR to 'BB'; Outlook to Negative

Business Wire, March 3, 2008

NEW YORK -- Fitch Ratings has downgraded and removed from Rating Watch Negative the long-term Issuer Default Rating (IDR) GMAC LLC (GMAC) and related subsidiaries to 'BB' from 'BB '. Fitch has also affirmed the 'B' short-term ratings. Fitch originally placed GMAC on Rating Watch Negative on Nov. 14, 2007. The Rating Outlook is Negative. Approximately $100 billion of unsecured debt is affected by this action. A complete list of ratings is detailed at the end of this release. For information on Residential Capital LLC (ResCap), please see separate release also issued today ('Fitch Downgrades ResCap's L-T IDR To 'BB-'; Remains on Watch Negative') and available on the Fitch Ratings web site at www.fitchratings.com.

The downgrade of GMAC's LT IDR reflects in part the company's financial support for its wholly-owned subsidiary ResCap, which generated considerable losses in 2007. In addition, the downgrade reflects Fitch's view that some of the operating momentum, in the form of increased business diversification from General Motors (GM), that was expected from GMAC's separation from GM has lessened due to the broad challenges the company is facing.

The Negative Outlook reflects the more challenging economic and financing environment that GMAC will face throughout 2008. Fitch believes that while the automotive finance and insurance businesses produced acceptable results in 2007, this will likely weaken in 2008 due to increased funding and credit costs, and lower new car sales. Rising funding cost primarily reflect weaker execution from securitization transactions, while rising credit costs reflect Fitch's view that both default frequency and loss severity will increase in the retail automotive finance portfolio.

Fitch may downgrade ratings further if automotive credit quality were to weaken beyond historical averages for GMAC or if GMAC were to provide additional and material financial support to ResCap.

Fitch has downgraded the following ratings and removed them from Rating Watch Negative:

GMAC LLC

GMAC International Finance B.V.

GMAC Bank GmbH

GMAC Canada Ltd.

General Motors Acceptance Corp. of Canada Ltd.

General Motors Acceptance Corp. of Australia

--Long-term IDR to 'BB' from 'BB ';

--Senior debt to 'BB' from 'BB '.

General Motors Acceptance Corp. (N.Z.) Ltd.

--Long-term IDR to 'BB' from 'BB '.

Fitch has also affirmed the following ratings:

GMAC LLC

GMAC International Finance B.V.

GMAC Bank GmbH

General Motors Acceptance Corp. of Canada Ltd.

General Motors Acceptance Corp. of Australia

GMAC Australia (Finance) Ltd.

General Motors Acceptance Corp. (U.K.) Plc

General Motors Acceptance Corp. (N.Z.) Ltd.

--Short-term IDR 'B';

--Short-term debt 'B'.

GMAC Canada Ltd.

--Short-term IDR 'B'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.