[Imark]

D'altronde, questi non sanno più in che lingua dirlo che più presto GMAC si libera di ResCap e più facile e consistente sarà l'upgrade del rating...

Moody's review of GMAC's ratings expected to conclude soon

New York, December 31, 2009 -- Moody's Investors Service said that its review of GMAC Inc.'s ratings for possible upgrade is likely to conclude within the next few weeks. This follows GMAC's announcement that is has received $3.79 billion of additional capital from the U.S. Treasury. In related actions, GMAC subsidiaries Residential Capital (ResCap) and Ally Bank wrote-down sizable residential mortgage portfolios and received offsetting capital contributions from GMAC. GMAC could be upgraded multiple notches at the conclusion of the review as a result of its improved credit position. However, GMAC continues to face substantial risks, including its exposure to ResCap, which are likely to keep GMAC's ratings in the low non-investment grade range. GMAC's senior unsecured rating was upgraded to Ca and placed on review for further possible upgrade on June 10, 2009.

In regards to ResCap, the additional capital infusion from GMAC and related write-down of a substantial amount of its remaining held-for-investment loan portfolio, although positive, are insufficient to stabilize the company. Despite these write-downs, it remains uncertain whether additional deterioration will occur in this portfolio and whether ResCap can return to profitability. All ResCap ratings are C with a stable outlook (see separate ResCap press release).

GMAC said that it will receive $3.79 billion in proceeds from the issuance of $2.54 billion of trust preferred securities and $1.25 billion of mandatory convertible preferred securities (MCP) to the U.S. Treasury. Additionally, the U.S. Treasury will exchange all of its existing $5.25 billion non-convertible preferred investment into MCP and $3.0 billion of its existing MCP into GMAC common equity. As a result, the U.S Treasury will own 56.3% of GMAC's common equity.

In related actions, GMAC contributed $2.7 billion of capital, comprised of mortgage assets, debt relief and cash, to ResCap and $1.3 billion of cash to Ally Bank. ResCap's capital injection offsets $2.0 billion of pre-tax write-downs the company recorded on the reclassification of certain mortgages to held-for-sale and approximately $500 million of additional repurchase reserve expense. Ally Bank's capital injection offsets charges of $1.3 billion related to a sale of residential mortgage loans to GMAC.

Moody's review of GMAC's ratings will incorporate the strengthening of its balance sheet resulting from the additional capital and write-down of mortgage assets to better approximate realizable value. The review will also examine ResCap's profitability and cash flow prospects and GMAC's willingness to provide further support to ResCap, should it be required. Other review considerations include GMAC's prospects for improving asset quality and profitability, maintaining capital adequacy, and establishing a resilient liquidity profile as it continues its transition to a bank operating and funding model.

"The additional capital injection and actions to buttress against further ResCap losses are positive developments for GMAC's ratings," said Moody's senior analyst Mark Wasden. "However, GMAC continues to face a host of issues, including constrained capital market access, uncertain earnings prospects, auto industry weakness, business concentrations in GM and Chrysler, execution risk related to the transition to a bank operating and funding model and remaining instability at ResCap. These issues will constrain GMAC's ratings potential," said Wasden. Moody's said it anticipates concluding the ratings review within the next few weeks.

Moody's said that while support from the U.S. government has strengthened GMAC's capital and liquidity positions and business prospects, the firm will ultimately need to reduce its reliance upon government support. Uncertainty regarding the timing and success of this transition will also factor into the firm's ratings.

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.

[Imark]

SLM pencola ai margini dell'IG... l'accesso al mercato delle cartolarizzazioni ha visto operazioni effettuate con la copertura della garanzia pubblica, altre senza... il futuro resta incerto...

SLM Corp. 'BBB-/A-3' Rating Affirmed, Removed From CreditWatch; Outlook Negative

• The likelihood that the U.S. Senate will vote on student lending
  legislation in the near term has become increasingly uncertain.
• We have affirmed our ratings on U.S. student lender SLM Corp. and removed
  them from CreditWatch.
• We believe it would be difficult for any proposed changes to take full
  effect for the 2010-2011 school year.

NEW YORK (Standard & Poor's) Feb. 26, 2010--Standard & Poor's Ratings Services
affirmed its ratings, including the 'BBB-/A-3' counterparty credit rating, on
SLM Corp. The ratings were removed from CreditWatch Negative, where they were
placed July 23, 2009. The outlook is negative.
"The affirmation comes amid growing ambiguity as to the likelihood that
legislation affecting student lenders will be passed in the short term. The
political focus in Washington remains on other issues. At this point we
believe that it would be difficult to make legislative changes that would go
into full effect for the 2010-2011 school year given the administrative
challenges of shifting all schools to the Direct Lending Program in time,"
said Standard & Poor's credit analyst Adom Rosengarten. "Therefore we believe
SLM Corp. could be involved in some manner in the origination of federal
student loans for at least another year, limiting the immediate impact that
legislative changes would have on the company."
We also recognize the positive steps that SLM Corp. has taken to improve
its funding profile. The company has replaced its 2008 FFELP asset-backed
commercial paper facility with a new $10 billion multiyear facility. In
addition to the significantly lower cost of this new facility, SLM has reduced
refinance risk by extending the maturity on this facility to three years.
SLM has also signed an agreement with the Federal Home Loan Bank of Des
Moines allowing for borrowings backed by FFELP loan collateral. All new
private education loans are originated and held in Sallie Mae Bank, funded
primarily by brokered deposits until they can be term funded through the
securitization markets. Although brokered deposits have some wholesale
characteristics to them, we view this as higher-quality funding than warehouse
borrowings.
Finally, SLM has had limited but increasing availability to
securitization markets, both through Term Asset-Backed Loan Facility
(TALF)-eligible and non-TALF deals. In 2009, SLM completed approximately $6.0
billion in non-TALF securitizations for FFELP consolidation loans, and $1.5
billion in non-TALF securitizations for private education loans. The company
also completed almost $6.0 billion in TALF-eligible securitizations for
private education loans.
The negative outlook reflects the ongoing uncertainty related to the
future of SLM's business model. "We would assess the long-term impact on SLM
of legislation that eliminates SLM's ability to originate federal student
loans if such legislation were passed. This would include weighing the greater
focus the company would have on private education loans and taking into
account the credit risks and funding risks of this business against the
mitigating factors of SLM's fee-based businesses, including the growing levels
of servicing for the government that SLM will obtain through the U.S. Dept. of
Education servicing contract," Mr Rosengarten added.