S&P gives General Motors facilities BBB

S&P said it assigned its BBB issue-level rating to General Motors Co.'s new $16.5 billion senior unsecured revolving credit facilities.

The facilities comprise a $10.5 billion five-year multicurrency facility, a $4 billion three-year multicurrency credit facility and a $2 billion 364-day facility.

These facilities replace the company's existing $14.5 billion credit facilities.

“Following the creation of the new facilities, we believe that the company's automotive liquidity will remain strong and in line with the liquidity positions at most of its automotive peers,” the agency said in a news release.

“We believe that GM will primarily use the new revolvers to fund its working capital, issue letters of credit, and–potentially–fund its strategic cash requirements.”

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