-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N3dOSaPbL3fooTMLiUFLF7pIseWZN7sBGeZEOCRx6K8Rwoup36rgZ/05Wt5RaJma WoQdXnihhmsDle7o/vizgQ== 0000040729-04-000061.txt : 20041018 0000040729-04-000061.hdr.sgml : 20041018 20041018150757 ACCESSION NUMBER: 0000040729-04-000061 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041015 ITEM INFORMATION: Other Events FILED AS OF DATE: 20041018 DATE AS OF CHANGE: 20041018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS ACCEPTANCE CORP CENTRAL INDEX KEY: 0000040729 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE LESSORS [6172] IRS NUMBER: 380572512 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03754 FILM NUMBER: 041083078 BUSINESS ADDRESS: STREET 1: MAIL CODE: 482-B08-B82 STREET 2: 200 RENAISSANCE CENTER CITY: DETROIT STATE: MI ZIP: 48265 BUSINESS PHONE: 3136654353 8-K 1 gmac8k10182004.txt ACTION BY RATING AGENCY - -------------------------------------------------------------------------------- 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 Exchange Act of 1934 October 15, 2004 (Date of report; date of earliest event reported) Commission file number: 1-3754 GENERAL MOTORS ACCEPTANCE CORPORATION (Exact name of registrant as specified in its charter) Delaware 38-0572512 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 200 Renaissance Center P.O. Box 200 Detroit, Michigan 48265-2000 (Address of principal executive offices) (Zip Code) (313) 556-5000 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) - -------------------------------------------------------------------------------- Item 8.01 Other Events On October 15, 2004, DBRS Ltd. confirmed short-term ratings at R-1 and placed long-term ratings under review with negative implications for General Motors Corporation (GM) and General Motors Acceptance Corporation (GMAC). Their press releases follow. Date of Release: Oct 15, 2004 Confirms Short-Term Ratings at R-1 (low) Current Date: Friday, October 15, 2004 Issuer Debt Rated Rating Action Rating Trend - ------ ------------- ------------- ------ ----- General Motors Commercial Paper Confirmed R-1 Stb Acceptance (low) Corporation - ----------------- General Motors Commercial Paper Confirmed R-1 Stb Acceptance (low) Corporation (N.Z.) Limited - ----------------- General Motors Commercial Paper Confirmed R-1 Stb Acceptance (low) Corporation (U.K.) plc - ----------------- General Motors Commercial Paper Confirmed R-1 Stb Acceptance (guar. by GMAC) (low) Corporation of Canada, Limited - ----------------- General Motors Commercial Paper Confirmed R-1 Stb Acceptance (low) Corporation, Australia - ----------------- General Motors Commercial Paper Confirmed R-1 Stb Corporation (low) - ----------------- General Motors of Commercial Paper Confirmed R-1 Stb Canada Limited (low) - ----------------- GMAC Bank GmbH Commercial Paper Confirmed R-1 Stb - ----------------- (low) GMAC Commercial Commercial Paper Confirmed R-1 Stb Mortgage Bank Europe, (low) plc - ----------------- GMAC Commercial Commercial Paper Confirmed R-1 Stb Mortgage Japan, K.K. (low) - ------------------ GMAC International Commercial Paper Confirmed R-1 Stb Finance B.V. (low) - ----------------- GMAC, Australia Commercial Paper Confirmed R-1 Stb (Finance) Limited (low) - ----------------- Note: General Motors Acceptance Corporation of Canada, Limited,; General Motors Acceptance Corporation (N.Z.) Limited, General Motors Acceptance Corporation (U.K.) plc; General Motors Acceptance Corporation, Australia; GMAC Bank GmbH; GMAC Commercial Mortgage Bank Europe, plc.; GMAC Commercial Mortgage Japan, K.K.; and GMAC, Australia (Finance) Limited debt is GMAC Guaranteed by General Motors Acceptance Corporation. DBRS is confirming the above ratings of the General Motors group of companies ("GM") at R-1 (low), all with Stable trends. The confirmations reflect GM's above average liquidity and balance sheet strength with strong internal cash flow generation and its strong ability to repay short-term liabilities as they fall due. All these factors are consistent with a R-1 (low) rating. Date of Release: Oct 15, 2004 Places Long-Term Ratings Under Review with Negative Implications Current Date: Friday, October 15, 2004 Issuer Debt Rated Rating Action Rating Trend ------------- ------ ----- General Motors Senior Long-Term Under Review - A (low) Stb Acceptance Debt Negative Corporation - ---------------- General Motors Medium & Long-Term Under Review - A (low) Stb Acceptance Debt Negative Corporation (N.Z.) Limited - ----------------- General Motors Notes & Debentures Under Review - A (low) Stb Acceptance (guar. by GMAC) Negative Corporation of Canada, Limited - ----------------- General Motors Medium & Long-Term Under Review - A (low) Stb Acceptance Debt Negative Corporation, Australia - ----------------- General Motors Long-Term Debt Under Review - A (low) Stb Corporation Negative - ----------------- General Motors Convertible Under Review - A (low)y Stb Corporation Debentures Negative - ----------------- General Motors Ind. Dev. Empower. Under Review - A (low) Stb Corporation Zone Rev. Bds., Negative S2004 (Issued by NYC Ind. Dev. Agency, Guar. by GMC) - ----------------- General Motors of Long-Term Debt Under Review - A (low) Stb Canada Limited Negative - ----------------- GMAC Bank GmbH Medium & Long-Term Under Review - A (low) Stb - -------------- Debt Negative GMAC Commercial Long-Term Debt Under Review - A (low) Stb Mortgage Funding, plc Negative - ----------------- GMAC Commercial Medium & Long-Term Under Review - A (low) Stb Mortgage Japan, K.K. Debt Negative - ----------------- GMAC International Medium & Long-Term Under Review - A (low) Stb Finance B.V. Debt Negative - ----------------- Note: General Motors Acceptance Corporation of Canada, Limited; General Motors Acceptance Corporation (N.Z.) Limited; General Motors Acceptance Corporation, Australia; GMAC Bank GmbH, GMAC Commercial Mortgage Funding, plc; GMAC Commercial Mortgage Japan, K.K.; and GMAC International Finance B.V. debt is guaranteed by General Motors Acceptance Corporation. DBRS is placing the long-term debt ratings of the General Motors group of companies ("GM") "Under Review with Negative Implications" for the following reasons: (1) The ongoing losses in Europe, which DBRS expected to have stabilized by now; (2) The high level of health care costs, and the diminished likelihood of a fall-off in the health care cost trend; (3) The high price of gasoline, which could affect demand and eventually reduce margins in the highly profitable SUV and pickup product lines; (4) The long-term decline in the GM passenger car market share, which DBRS expected to have stabilized; and (5) The continued use of high incentives, which although showing signs of stabilizing, is still affecting margins. All five factors have been issues of focus for some time, but DBRS expected faster improvement in Europe and stabilization of health care costs, in particular. - ------------------------------------------------------------------------------- DBRS is a Toronto-based, full-service credit rating agency established in 1976. Privately owned and operated without affiliation to any organization, DBRS is respected for its independent, third-party evaluations of corporate and government issues, spanning North America, Europe and Asia. DBRS's extensive coverage of securitizations and structured finance transactions solidifies our standing as a leading provider of comprehensive, in-depth credit analysis. - ------------------------------------------------------------------------------- Information contained herein is obtained by DBRS from sources believed by it to be accurate and reliable. Due to the possibility of human or mechanical error as well as other factors, such information is provided "as is" without warranty of any kind and DBRS, in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such information. DBRS shall not be liable in contract, tort or otherwise for: (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of DBRS or any of its directors, officers, employees, independent contractors, or agents in connection with, or related to, obtaining, collecting, compiling, analyzing, interpreting, communicating, publishing or delivering any such information; or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including, without limitation, lost profits), even if DBRS is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. In addition to the foregoing, the rights of subscribers of DBRS are governed by the terms and conditions of the applicable Subscription Agreement. In the event of any conflict between this document and the Subscription Agreement, the Subscription Agreement shall govern (without limitation, a conflict shall not include the failure of the Subscription Agreement to cover a matter covered herein). The credit ratings, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GENERAL MOTORS ACCEPTANCE CORPORATION ------------------------------------- (Registrant) Dated: October 18, 2004 /s/ SANJIV KHATTRI ---------------- ------------------------------------- Sanjiv Khattri Executive Vice President, Chief Financial Officer and Director Dated: October 18, 2004 /s/ LINDA K. ZUKAUCKAS ---------------- ------------------------------------- Linda K. Zukauckas Vice President and Corporate Controller -----END PRIVACY-ENHANCED MESSAGE-----