CORRECTED - -(OFFICIAL)-Fitch slashes GMAC debt to CC, may cut to

(Fitch corrects GMAC's issuer default rating to CCC, not CC)

NEW YORK, Nov 11 (Reuters) - Fitch Ratings on Tuesday cut its ratings on GMAC LLC deeper into junk territory, and said it may cut its debt to default, citing the finance company's operating losses and risks to the value of its bonds.

Fitch cut GMAC's issuer default ratings four notches to "CCC," eight steps below investment grade, and downgraded the senior unsecured debt six notches to "CC," ten steps below investment grade and close to default.

Both ratings were cut from "B-plus." The action affects around $72 billion in debt.

GMAC, which last week said it lost $2.52 billion in the third quarter, is evaluating options including applying for status as a bank holding company, a potential debt exchange and seeking federal assistance to shore up its liquidity.

Cerberus Capital Management leads a group that owns 51 percent of GMAC. GM (GM.N) owns the other 49 percent.

If the company succeeds in becoming a bank holding company it would have more access to options under the government's Troubled Asset Repurchase Program (TARP), which may be positive for its ratings, though it would be unlikely to lead to an upgrade, Fitch said in a statement.

A debt exchange, meanwhile, could reduce GMAC's financial burden, but it would also constitute a default on the bonds, Fitch added.

GMAC's downgrade also reflects its losses, particularly those from its mortgage unit Residential Capital LLC, though the company's willingness to continue to support ResCap is likely nearing an end, Fitch said.

Meanwhile, "Fitch anticipates that GMAC's operating performance will remain pressured, particularly as the core auto finance business has begun to generate losses due to lower General Motors (GM) sales volumes and weakening consumer and dealer finances."

If GMAC is able to achieve a bank holding company status without a debt exchange it should hold its "CCC" rating, however "absent additional financial support, Fitch believes GMAC's financial pressures would intensify and ratings could be lowered," the rating agency said. (Reporting by Karen Brettell; Editing by Theodore d'Afflisio)