Moody’s assigns Baa3 to GM notes

Moody’s Investors Service said it assigned a Baa3 rating to General Motors Co.’s $4 billion senior unsecured note offering.

The rating for the new and outstanding notes as well as the Baa2 rating of the company’s $17.5 billion of multi-year credit facilities remain on review for downgrade, Moody’s.

“Despite the increase in leverage, GM’s issuance of the new notes is a credit-positive event that will increase the company’s automotive cash position above the March 31st level of $32 billion,” the agency said in a press release.

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