Il commento di Moody's, che reputa che il rating di GMAC possa essere elevato di più livelli se si risolvono i due fattori che limitano la flessibilità finanziaria della società: la incapacità di rafforzare il Tier 1 sui livelli contemplati dallo stress test dopo l'acquisizione dello status di holding bancaria e il continuo supporto necessario per ResCap.
Moody's continues review of GMAC's Ca rating
New York, November 02, 2009 -- Moody's Investors Service said today that it is continuing its review of GMAC Inc.'s ratings for possible upgrade. GMAC's senior unsecured rating was upgraded to Ca and placed on review for further possible upgrade on June 10, 2009. Moody's outlook on the ratings of Residential Capital LLC (ResCap; senior at C), GMAC's mortgage finance subsidiary, remains stable.
Moody's review of GMAC's ratings will include an assessment of the firm's capital adequacy, taking into consideration the requirement by banking regulators that the lender raise as much as $5.6 billion of additional capital by November 9. The $5.6 billion figure represents the remaining amount of new Tier 1 common equity that GMAC requires, based upon the results of the U.S. government's Supervisory Capital Assessment Program (SCAP) conducted earlier this year.
Moody's will also examine GMAC's plans regarding further support of ResCap as it services its portfolio of troubled residential mortgages to liquidation. ResCap's string of large quarterly losses and consequent need for capital support has significantly limited GMAC's financial flexibility, in Moody's view.
"Two factors weighing on GMAC's credit profile today are its remaining capital deficiency from the SCAP exercise and the continuing support requirements of ResCap," said Moody's senior analyst Mark Wasden. "A resolution of these concerns could result in a multi-notch improvement in the firm's long-term ratings," he added. Moody's noted that other long-term concerns, such as GMAC's business concentrations with GM and Chrysler, could limit the potential for ratings upgrade.
Moody's believes that the amount of capital GMAC is required to raise could be less than $5.6 billion if regulators determine that the company's risk of loss has improved since the SCAP process was completed. Additionally, GMAC has indicated that it has experienced relatively modest losses associated with the bankruptcy of General Motors to date, which could also be the basis for a downward revision of the firm's requirement for additional capital. Given GMAC's limited access to private sources of capital, Moody's continues to believe that any additional required regulatory capital would come from the U.S. Treasury.
Moody's said that GMAC faces continuing challenges that constrain its long-term ratings, including execution risks as it pursues its transition to a bank operating and funding model, revenue concentrations with GM and Chrysler, and an eventual need to reduce its reliance on the U.S. government's support and ownership.
"GMAC's ratings will be constrained as long as recovery in the auto industry remains elusive, particularly as it relates to the operating prospects of GM and Chrysler," said Wasden.
Moody's said that support from the U.S. government has strengthened GMAC's capital and liquidity positions and business prospects, which is the source of upward pressure on the firm's ratings. The U.S. government currently owns 35.4% of GMAC, has injected $12.5 billion including investments through the U.S. Treasury's Troubled Asset Relief Program (TARP), and has guaranteed $7.4 billion of the firm's long-term debt through the FDIC's Temporary Liquidity Guarantee Program (TLGP).
Underscoring GMAC's role in the revival of the U.S. domestic auto industry, regulators also granted the firm expanded funding flexibility in GMAC Bank (a/k/a Ally Bank), via expanded 23A exemptions under the Federal Reserve Act. Regulators also endorsed GMAC's agreements with Chrysler to become the preferred provider of dealer floorplan financing to Chrysler dealers and a provider of subvented retail auto financing to buyers of Chrysler vehicles.
In its last rating action on June 10, 2009, Moody's upgraded GMAC's senior unsecured rating to Ca from C and placed its ratings on review for further possible upgrade.
The principal methodology used in rating GMAC was Analyzing the Credit Risks of Finance Companies, which can be found at
OpenDNS in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Rating Methodologies sub-directory.
GMAC Inc. is a global provider of auto finance, residential mortgage finance, and related products and services.