Fitch rates GMF Canada, debt BBB

Fitch Ratings said it assigned a long-term issuer default rating and senior unsecured debt rating of BBB to General Motors Financial of Canada, Ltd. (GMF Canada).

The company is an indirect subsidiary of General Motors Financial Co., Inc. (BBB/stable).

The outlook is stable.

“The equalization of the GMF Canada's senior unsecured debt ratings with GMF's ratings reflects GMF's unconditional guarantee of all of GMF Canada's current and future indebtedness,” Fitch said in a news release.

“The ratings are equalized with the long-term IDR and reflect the high proportion of unsecured debt in the capital structure and average recovery prospects under a stress scenario.”

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