S&P: General Motors loans BBB

Standard & Poor's said it assigned its 1 recovery rating and BBB issue rating to General Motors Co.'s $11 billion revolving credit facilities, each of which are $5.5 billion and expire in 2015 and 2017.

The 1 recovery rating indicates an expectation of very high recovery in a default scenario.

General Motors Holdings LLC, a subsidiary of General Motors Co., is issuing the debt. The new facility replaces General Motors' existing $5 billion credit facility maturing in 2015.

S&P said the larger facility increases GM's already substantial liquidity. The agency views this development positively in light of several calls on cash.

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