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: (04-06-2001)
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
GMAC CREDIT RATINGS CONFIRMED
On April 6, 2001, Moody's Investors Service confirmed the A2 long-term
and Prime-1 short-term ratings of General Motors Corporation (GM) and General
Motors Acceptance Corporation (GMAC), but changed the rating outlook to negative
from stable. The change in outlook reflects Moody's views on "the near-term
challenges that GM will face in addressing: 1) the continuing erosion in its
domestic market share position; 2) intensifying competition from German and
Japanese manufacturers in the U.S. truck and SUV markets; and 3) the severe
weakness in its international operations."
During the next 12 months Moody's assessment of GM will focus on: 1)
the company's ability to contend with more intense head-to-head competition with
Japanese and European manufacturers in the truck and SUV market; 2) the degree
to which the company can stabilize its overall market share position in the
U.S.; 3) the extent to which it must rely on incentives to move product; and 4)
the likelihood that it will be able to materially reduce the pace of share
erosion and operating losses in its international businesses.
Moody's expects GMAC's size and competitive position will enable it to
provide critical support to GM's retail and wholesale shipments. This support
could take on added importance during a cyclical downturn. GMAC has manageable
asset quality, a liquid balance sheet, earnings diversification through its
mortgage and insurance operations, and improving leverage. The company also
benefits from excellent access to the asset-backed securities market for its
auto receivables. GMAC does not have the benefit of a formal support agreement
with GM. Nonetheless, the Moody's A2 long-term rating and outlook reflect the
close business relationship between the companies, GM's direct ownership and
management control of GMAC and the potential for business trends at GM to have a
direct impact on GMAC's performance. Therefore, Moody's anticipates that the
ratings of the two companies will remain closely linked.
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 9, 2001 By s/ GERALD E. GROSS
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(Gerald E. Gross, Controller)