Fitch Affirms New Center Asset Trust Ratings on Program Wind-Down.

NEW YORK -- Fitch Ratings affirms the 'F1+' and 'F1' short-term ratings assigned to the asset-backed commercial paper (ABCP) issued by New Center Asset Trust (NCAT, or the Program), sponsored by GMAC LLC, in connection with the occurrence of a program wind-down event.

On Dec. 24, 2008, GMAC, as the Program's administrator, entered into an agreement with the Program's syndicate of liquidity providers to postpone a program wind-down event for a period of 30 days, from Dec. 24, 2008 until Jan. 23, 2009. The wind-down event was triggered by the downgrade of certain assets financed in NCAT by rating agencies other than Fitch. The agreement to postpone the wind-down event has expired and the liquidity providers have not agreed to extend an additional period for GMAC to cure the wind-down event. As a result, the Program has begun to wind down and NCAT may no longer purchase new assets.

Fitch's affirmation of the 'F1+' and 'F1' ratings assigned to the ABCP is based on a review of the assets as well as the liquidity support provided by the syndicate of 'F1+' and 'F1' entities supporting each series of notes. The ABCP issued by NCAT may not have maturities later than the fifth business day prior to the expiration of the Program's liquidity support agreement. The liquidity support providers are obligated to repay maturing ABCP as long as the credit enhancement afforded to any of the assets owned by the conduit has not been exhausted and NCAT has not entered into bankruptcy or insolvency proceedings. NCAT's bankruptcy remote nature makes the latter unlikely.

Fitch continues to monitor the performance of the conduit's assets, the financial strength of the liquidity support providers, as well as GMAC's execution of the Program's wind-down pursuant to its documentation.

A full ratings report on the NCAT program is available on the Fitch web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.