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: (09-26-2001)
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. OTHER EVENTS
FITCH PLACES DEBT OF GM, GMAC ON RATING WATCH NEGATIVE
On September 26, 2001, Fitch placed the `A' senior debt and `F1' commercial
paper ratings of General Motors Corporation (GM) and its financial services
subsidiary, General Motors Acceptance Corporation (GMAC), on Rating Watch
Negative. Fitch stated that this rating action reflects the impact on GM of
over-capacity and heightened competition in the auto industry, namely, eroding
market share, increasing levels of incentives and declining profitability. These
factors have produced a decline in GM's liquidity position, a trend that is
likely to persist under the continuing decline in economic conditions. GM has
also been unable to reverse losses in its overseas operations, where industry
over-capacity continues to impair industry profitability.
Fitch also stated that given its association with its parent company,
GMAC's ratings are also placed on Rating Watch Negative. The auto lending
business has benefited in 2001 from the effects of declining interest rates,
Fitch anticipates that margins for this business will come under pressure as a
result of higher credit-related expenses and a shift in its funding profile away
from short-term unsecured financing sources. Core profitability at GMAC Mortgage
has been more volatile given the nature of the mortgage banking industry, and
Fitch believes that future profitability could be negatively impacted by a
downturn in the economy. On a risk-adjusted basis, Fitch had considered GMAC to
be undercapitalized at the current rating level, although the parent company has
been taking actions to improve this position over the past 18 months.
Ratings Placed on Rating Watch Negative:
General Motors Acceptance Corporation
Senior debt `A'
Commercial paper `F1'
Euro commercial paper `F1'
General Motors Acceptance Corporation of Canada, Ltd.
GMAC, Australia (Finance) Ltd.
Senior debt `A'
General Motors Acceptance Corporation (U.K.) plc
Opel Bank GmbH
Euro commercial paper `F1'
GMAC International Finance B.V.
Euro medium-term notes `A'
Euro commercial paper `F1'
GMAC Commercial Mortgage Bank, (Ireland), plc
Euro commercial paper `F1'
Short-term certificates of deposit `F1'
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: September 28, 2001 By s/ GERALD E. GROSS
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(Gerald E. Gross, Controller)