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Fitch: Ally preferreds B+
Fitch Ratings said it assigned a B+ rating to Ally Financial Inc.'s $2.67 billion trust preferred securities, series 2 issued out of GMAC Capital Trust I.
The underlying junior subordinated securities are cumulative, contain a five-year optional deferral mechanism and rank senior to existing preferred equity and common equity securities, Fitch said.
The trust preferreds were originally issued by Ally Financial to the U.S. Treasury as a part of the capital purchase plan on Dec. 30, 2009, the agency said.
The proceeds from the series 2 issuance will be used solely to repay the Treasury, Fitch said.
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