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Article: A.M. Best Downgrades Ratings of GMAC Insurance Group and Its Members; Places Ratings Under Review with Developing Implications.
- Article from:
- Health & Beauty Close-Up
- Article date:
- June 15, 2009
CopyrightCOPYRIGHT 2009 Close-Up Media, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A.M. Best Co. has downgraded the financial strength rating (FSR) to B++ (Good) from A- (Excellent) and issuer credit ratings (ICR) to "bbb" from "a-" of the GMAC Insurance Group (GMACI) and its members, which are led by Motors Insurance Corp. (Southfield, MI).
All ratings have been placed under review with developing implications. (See below for a detailed listing of the companies and ratings.)
The downgrading of the ratings reflects A.M. Best's view of GMAC LLC's operating results, as well as A.M. Best's review of public information, which is not consistent with a parent of "a-" rated insurance companies. Additionally, in A.M. Best's opinion, the ...