Bulletin: General Motors Corp., Chrysler Ratings Are Unchanged; Gov't. Provides Interim Funds, But Bankruptcy Risk Remains High - 2009/03/30 - S&P Credit Research

Report title: Bulletin: General Motors Corp., Chrysler Ratings Are Unchanged; Gov't. Provides Interim Funds, But Bankruptcy Risk Remains High

from S&P Credit Research
952 word report published Mar 30, 2009

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Abstract:

NEW YORK (Standard&Poor's) March 30, 2009--Standard&Poor's Ratings Services said today that its ratings on General Motors Corp. (CC/Negative/--) and Chrysler LLC (CC/Negative/--) are not affected by the Obama Administration's announcement that the plans these two U.S. automakers submitted do not establish a credible path to viability. The companies will receive near-term financial support while they pursue more aggressive restructuring plans, which the government expects to include, among other things, a Chrysler partnership with Fiat SpA and the departure of GM's chairman and CEO. GM, Chrysler, and Ford Motor Co. (CC/Negative/--) are all rated 'CC', reflecting our view of prospects for distressed exchanges and very challenging economic conditions. As we noted previously, even with the additional funding

Brief Excerpt:

RESEARCH Ratings Definitions Bulletin: General Motors Corp., Chrysler Ratings Are Unchanged; Gov't. Provides Interim Funds, But Bankruptcy Risk Remains High Publication date: 30-Mar-2009 Primary Credit Analysts: Robert Schulz, CFA,...

Report Type:

Bulletin

Ticker:

Issuer:

General Motors Corp.

GICS:

Automobile Manufacturers (25102010)

Sector:

Asset-Backed Commercial Paper, Asset-Backed Securities, Automotive, Capital Goods, Corporations, Global Issuers, Structured Finance

Country:

United States

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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