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DBRS downgrades GM
DBRS said it downgraded the issuer rating and revolving credit facility rating of General Motors Co. to BBB from BBB (high).
Concurrently, DBRS downgraded the long-term issuer rating and the long-term senior debt rating of General Motors Financial Co., Inc. to BBB from BBB (high). DBRS also downgraded the rating of the senior unsecured notes issued by General Motors Financial of Canada, Ltd. to BBB from BBB (high).
“The rating downgrades substantially reflect sizable challenges facing the company (along with all its automotive peers) as a result of the global outbreak of the coronavirus disease (Covid-19),” DBRS said in a press release.
The trend is negative.
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