UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of report (Date of Earliest Event Reported: (04-24-2001)
GENERAL MOTORS ACCEPTANCE CORPORATION
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(Exact name of registrant specified in its charter)
Delaware
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(State or other jurisdiction of incorporation or organization)
1-3754 38-0572512
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(Commission File No.) (I.R.S. Employer Identification No.)
200 Renaissance Center, Detroit, Michigan 48265-2000
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313-665-6266
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(Registrant's telephone number, including area code)
ITEM 5.
FITCH AFFIRMS GENERAL MOTORS AND GMAC'S 'A' DEBT RATINGS
On April 20, 2001, Fitch affirmed the debt ratings of General Motors
Corporation (GM) and its' financial services subsidiary, General Motors
Acceptance Corporation (GMAC). The unsecured senior debt rating for GM, GMAC and
their guaranteed foreign subsidiaries is 'A', and the commercial paper rating is
'F1'. Also, Fitch has withdrawn the 'A-' preferred securities rating for GM and
for General Motors Capital Trust G since GM redeemed all Series G preferred
securities earlier this month. According to Fitch, in total, approximately $146
billion of debt securities are affected by this action. The Rating Outlook is
Stable.
With its success in reducing dealer inventories during the first quarter,
Fitch expects GM's margins in North America to return to higher levels as 2001
progresses, bolstered by product initiatives in important segments such as
mid-size and large sport-utility vehicles. The competitive weakening of the Opel
brand in Europe in 2000 is a concern, but Fitch is encouraged by the initial
improvement in the first quarter and expects that cost and product initiatives
will push GM back into profitability over the next year or so. However, GM's
automotive cash reserves have fallen substantially below management's $13
billion target that the ratings have previously assumed GM would keep as
cyclical protection, so any missteps in the execution of the aforementioned
initiatives may push the Ratings Outlook Negative. Also, the ratings anticipate
that GM will continue to improve GMAC's capitalization.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf the
undersigned hereunto duly authorized.
GENERAL MOTORS ACCEPTANCE CORPORATION
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(Registrant)
Dated: April 24, 2001 By s/ GERALD E. GROSS
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(Gerald E. Gross, Controller)