S&P rates GM loans BB+

Standard & Poor's said it assigned a BB+ rating on General Motors Holdings LLC's $5 billion senior secured revolving credit facility maturing 2015 with 1 recovery (90% to 100%) rating.

The company has a BB- corporate credit rating.

The outlook is stable.

GM announced that it had repaid $2.8 billion (including accrued interest) in United Auto Workers VEBA notes and announced certain other debt-reduction actions it intends to take subject to completion of an initial public offering of common stock, the agency said.

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