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DBRS rates GM Financial notes BB (high)
DBRS said it assigned a BB (high) senior debt rating to General Motors Financial Co. of Canada, Ltd., an indirect, wholly owned subsidiary of General Motors Financial Co., Inc., and a BB (high) rating to the C$400 million senior notes due 2017 to be issued by the company. The trend is stable.
Proceeds are expected to be used for general corporate purposes.
The agency said the ratings of GM Financial, which are one notch below that of its parent, General Motors Co., reflect the weaker standalone credit profile than that of its parent and the lack of an explicit guarantee or support agreement from General Motors.
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