Fitch lowers GM, GM Financial

Fitch Ratings said it downgraded the long-term issuer default ratings and senior unsecured debt ratings of General Motors Co. and its subsidiary General Motors Financial Co., Inc. to BBB- from BBB.

“The downgrade of GM’s IDR to BBB- from BBB is based on Fitch’s expectation that the company’s credit profile will remain weak relative to its prior negative rating sensitivities for a prolonged period due to a likely extended period of macroeconomic weakness stemming from the coronavirus pandemic,” said Fitch in a press release.

The outlook for both companies is stable.

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