Best Cuts GMAC Insurance's Rating
NU Online News Service, June 13, 4:01 p.m. EDT?A.M. Best Co. has downgraded the financial strength rating of GMAC Insurance Group to "A" (Excellent) from "A-Plus" (Superior), with a "stable" rating outlook, prompted by the weakened financial strength of its parent company General Motors because of significant pension costs.
In its ratings downgrade report, the Oldwick, N.J.-based rating firm said G.M.'s diminishing financial strength may pressure Winston-Salem, N.C.-based GMAC to support its parent company by means of increased dividend demands.
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