Fitch Ratings on Tuesday downgraded GMAC LLC's issuer default and senior unsecured debt ratings further into junk, citing continued operating losses at the General Motors Corp. financing arm.
Fitch cut the ratings to "CC" from "B+" and placed them on negative watch, meaning they could be lowered further. About $72 billion of unsecured debt is affected.
Fitch said the lower ratings also reflect GMAC (nyse: GJM - news - people )'s consideration of a debt swap and its exploration of becoming a bank holding company to take advantage of the Treasury Department's $700 billion financial rescue plan.
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