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Moody’s ups General Motors revolver, notes
Moody's Investors Service said it upgraded General Motors Co.’s (GM) debt ratings, including the revolving credit facility rating to Baa2 from Baa3 and senior unsecured notes to Baa3 from Ba1.
The unsecured notes rating reflects the structural subordination to the revolving credit facility and other operating company obligations.
The outlook is stable.
Moody’s said the Baa2 bank debt rating reflects GM's progress in strengthening its competitive position by building out its product profile while addressing costs.
“These efforts contributed to a much-improved North America EBITA margin, which Moody's expects to exceed 10%,” the agency said in a news release.
“As well, GM is achieving breakeven performance in Europe (excluding the impact of foreign exchange), and has sustained its leading position in the Chinese market, which is highly profitable and cash flow generative. GM is prudently expanding the scope of GM Financial, in line with expectations for the rating.”
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