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Moody's rates General Motors loan Baa2
Moody's Investors Service said it assigned a Baa2 (LGD 2, 12%) rating to the $11 billion secured revolving credit facility of General Motors Corp. and affirmed the company's Ba1 corporate family and probability of default ratings.
General Motors' speculative grade liquidity rating is unchanged at SGL-1.
The outlook remains positive.
Moody's said the $11 billion facility replaces General Motors' existing $5 billion revolver but retains the same security package. This includes substantial domestic assets of General Motors and the stock of certain foreign subsidiaries.
The new facility also includes a General Motors Financial borrowing sub-limit of $4 billion, which would be guaranteed by General Motors, the agency said.
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