Report title: Bulletin: General Motors Corp. Submits Cost-Cutting Plan To U.S. Treasury; Corporate Credit Rating Is Unchanged
from S&P Credit Research
published Feb 18, 2009

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NEW YORK (Standard&Poor's) Feb. 18, 2009—Standard&Poor's Ratings Services said today that its ratings on General Motors Corp. (CC/Negative/--) are not affected by details of the company's restructuring plan submitted yesterday to the U.S. Treasury. The plan included a request under GM's Feb. 17, 2009, baseline case for $9.1 billion in additional U.S. government funding beyond the $13.4 billion approved in December 2008. The plan also describes a range of strategic decisions and cost reductions, both domestically and in many of GM's foreign operations. We lowered our corporate credit rating on GM to 'CC' in December 2008, reflecting our expectation that GM would approach its unsecured lenders for a reduction in debt at a substantial discount to

Report Type: Bulletin
Ticker: GM
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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