SP Upgrades GM and GM Financial to Investment Grade
2014-09-26
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DETROIT – General Motors Co. (NYSE: GM) said today that Standard Poor’s Ratings Services (SP) has upgraded the credit ratings of both GM and GM Financial to investment grade with a stable outlook.
The new GM corporate and GM Financial credit rating is BBB-. That is one level higher than the previous GM rating of BB+, which SP assigned in September 2011. In September 2013, SP revised GM’s outlook from “stable” to “positive.” GM Financial’s previous rating was BB.
“Delivering segment-leading vehicles, improving the efficiency of our operations and building a fortress balance sheet made this upgrade possible,” GM CEO Mary Barra said. “While we are not yet satisfied, and know we have work to do, I am confident that our renewed focus on our customers will drive even stronger business results.”
At its annual Global Business Conference for investors on October 1, GM will share more details about its near-term business targets and long-term strategic plan.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world’s largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com
Forward-Looking Statements
In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products. GM’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
GM Financial Contacts:
Chrissy Heinke
GM Financial
chrissy.Heinke@gmfinancial.com
(817) 302-7069
Stephen Jones
GM Financial
stephen.jones@gmfinancial.com
(817) 302-7119