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Fitch gives General Motors notes BBB
Fitch Ratings said it assigned a rating of BBB to General Motors Co.'s proposed issuance of senior unsecured notes.
The notes will be issued in three tranches with floating-rate senior unsecured notes due 2021 and fixed-rate senior unsecured notes due 2028 and 2049.
The company’s long-term issuer default rating is BBB and its outlook is stable.
General Motors intends to use the proceeds from the proposed notes to repay $1.5 billion of 3.5% senior unsecured notes that mature in October, to prefund about $600 million in some mandatory contributions to the company's pension plans in the United Kingdom and Canada that are due in 2019 through 2021, and for other general corporate purposes.
The agency said that although the total size of the offering could slightly increase Fitch's calculation of the company’s automotive leverage, Fitch does not expect the effect on the company's credit profile to be significant.
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