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Fitch Places Ally Financial on Stable Ratings Outlook Following ResCap Settlement

Fitch Ratings removed Ally Financial Inc. from a negative ratings watch after the government-owned auto lender reached a deal with its Residential Capital mortgage subsidiary and the unit's creditors that will help the company avoid litigation.The ratings firm on Friday also said it affirmed Ally's long-term rating of BB- and said the company's outlook is stable.Ally said Thursday it would pay $2.1 billion as part of a global settlement with ResCap and ResCap's creditors in exchange for a release from nearly all of the mortgage subsidiary's legal liabilities.The settlement is intended to fend off creditors, including American International Group Inc. (AIG), MBIA Inc. (MBI) and Paulson & Co., who says Ally is responsible for an estimated $25 billion of ResCap liabilities because it fully controlled the unit prior to its Chapter 11 bankruptcy filing last year.Ally's payment is nearly three times higher than an original offer of $750 million, which ResCap creditors balked at. The company ...

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