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S&P Credit Research896 word report
published Apr 10, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) April 10, 2009--Standard&Poor's Ratings Services today said it has lowered its issue-level rating on General Motors Corp.'s $4.5 billion senior secured revolving credit facility to 'CCC-' (one notch above the 'CC' corporate credit rating on the company) from 'CCC'. We revised the recovery rating on this facility to '2' from '1', indicating our view that lenders can expect substantial (70% to 90%) recovery in the event of a payment default. The corporate credit rating remains unchanged, at 'CC', reflecting our view of the likelihood that GM will default--through either a bankruptcy or a distressed debt exchange. The issue rating on GM's $1.5 billion senior secured term loan was left unchanged, at 'CCC' (two
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| Brief Excerpt: | RESEARCH Ratings Definitions General Motors Revolving Credit Facility Issue Rating Lowered To '###-' On Revised Recovery Estimate Publication date: 10-Apr-2009 Recovery Analyst: Gregory Maddock, New York (1) 212-438-7205; greg_maddock@standardandpoors.c...
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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: | Asset-Backed Commercial Paper, Asset-Backed Securities, Automotive, Capital Goods, Corporations, 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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