It may seem like the least of General Motors‘ (GM) investor troubles, but Moody’s Investors Service does not believe the company’s bankruptcy this morning will impact ratings on its residential-mortgage backed securitizations. “We note that GMAC and its subsidiaries were not part of the bankruptcy filing,” said Moody’s in a statement, “and we do not expect any disruption to ABS and RMBS servicing as a consequence of GM’s bankruptcy.” This outlook is far rosier when compared to the negative take Moody’s is taking on GM’s auto securitization platforms. GMAC’s auto lease securitizations, including 14 classes of notes in nine outstanding transactions, were downgraded on Nov. 25, 2008 and on Jan. 28, 2009, and the credit rating agency is not excluding the possibility of more. Additionally, the GM filing will not impact the commercial mortgage-backed securitization deals where Capmark, an investment consortium which includes GMAC with a minority share, is a  master or special servicer. Moody’s adds that none of the vehicle-related ABS transactions that were publicly rated by Moody’s in Europe and Asia are directly exposed to the bankruptcy of the manufacturer. Write to Jacob Gaffney.

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