General Motors Acceptance Corp.'s dealer floorplan ABS saw some slight widening in the secondary ABS market last week on the heels of a corporate debt downgrade of both the company and its parent, General Motors. Sources around the market saw GMAC floorplan deals up to two basis points wider after the downgrade, much less than many had expected, while its auto loan deals were unchanged.

A sell-side analyst reported that at least one deal from GMAC's SWIFT dealer floorplan trust appeared on his firm's bid list at a "very tight level with no spread widening" as of Thursday afternoon. GMAC's dealer floorplan deals were expected to widen more than its retail auto deals because floorplan deals are more dependant on sales by whole dealerships and not loans for individual automobiles.

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