S&P rates GM revolver BBB

S&P said it gave its BBB issue-level rating to General Motors Co.'s new unsecured revolving credit facility maturing April 2024, which will have an available borrowing capacity of $4.3 billion.

The company plans to renew its $17.5 billion credit facility, which includes a $2 billion 364-day facility maturing April 2022, an $11.2 billion facility maturing in 2026, including $1.4 billion maturing in 2023, and a $4.3 billion facility maturing in April 2024.

“We expect GM's automotive liquidity to remain strong and in line with the liquidity positions of most of its global automotive peers. We believe that the company will avoid borrowing from its main $17.5 billion revolving facility for an extended period,” S&P said in a press release.

The agreement also requires GM to keep at least $4 billion of global liquidity and at least $2 billion of U.S. liquidity.

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