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S&P Credit Research526 word report
published Jun 25, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) June 25, 2009--Standard&Poor's Ratings Services today said it has withdrawn its issue-level and recovery ratings on General Motors Corp.'s $4.5 billion senior secured (pre-petition) revolving credit facility and $1.5 senior secured (pre-petition) term loan, reflecting our expectation that these loans will be repaid in full. In accordance with the pending repayment, we revised our recovery rating on the revolving credit facility to '1' from '2', indicating our expectation that lenders will receive very high (90% to 100%) recovery. We subsequently withdrew that rating also. The corporate credit rating on GM remains 'D'. "The revised recovery rating and subsequent withdrawals follow the bankruptcy court's approval today of GM's $33.3 billion debtor-in-possession credit facility, allowing
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| Brief Excerpt: | RESEARCH Ratings Definitions General Motors Corp.'s Pre-Petition Secured Debt Rating Withdrawn On Imminent Repayment Publication date: 25-Jun-2009 Primary Credit Analysts: Robert Schulz, CFA, New York (1) 212-438-7808; robert_schulz@standardandpoors.com...
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| Report Type: | Ratings Action
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| Ticker: | GM
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| Issuer: | General Motors Corp.
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| GICS: | Automobile Manufacturers (25102010)
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| Sector: | Global Issuers, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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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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