Fitch rates General Motors notes BBB-

Fitch Ratings said it assigned a rating of BBB- to General Motors Co.’s proposed senior unsecured notes in a benchmark, multi-tranche offering.

Proceeds will be used for general corporate purposes.

“Proceeds from the proposed notes will bolster GM’s liquidity as the company contends with the operational challenges caused by the coronavirus pandemic, although over the longer term, gross leverage will be slightly higher than Fitch’s previous expectations,” said Fitch in a press release.

GM’s long-term issuer default rating is BBB-, and the outlook is stable.

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