Standard & Poor's Corp. put securities issued by a GMAC LLC unit on its Credit Watch list, potentially jeopardizing the lender's efforts to get government funding.

S&P put notes issued by New Center Asset Trust, a GMAC commercial-paper facility, on the list Friday with "negative implications." The securities carry investment grades, with ratings of A1-plus and A1, S&P said.

Downgrades may make GMAC ineligible to sell paper to the Federal Reserve Board; paper rated A2 or lower is excluded.

GMAC, which gained access to the government program in October, said last week that it may shutter the unit if it cannot secure upgrades on related securities by Dec. 24.

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