| Abstract: | NEW YORK (Standard&Poor's) Dec. 22, 2008--Standard&Poor's Ratings Services today said it has lowered its issue-level ratings on the unsecured debt of General Motors Co. and General Motors of Canada Ltd. to 'C' from 'CC'. At the same time, we revised our recovery rating on GM's debt to '6' from '4', indicating that lenders can expect to receive negligible (0 to 10%) recovery in the event of a payment default. The rating actions reflect GM's planned receipt of up to $13.4 billion of U.S. government loans, plus another approximately $2.5 billion from the Canadian and Ontario governments. In addition, Germany and Sweden have signaled that they may make loans to GM units in those countries, which would
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| Brief Excerpt: | RESEARCH Ratings Definitions General Motors Unsec'd. Debt Rtg Cut To aÇÿCaÇÖ, Recov. Rtg To aÇÿ6aÇÖ On Announcement Of Gov't. Loans Publication date: 22-Dec-2008 Primary Credit Analysts: Robert Schulz, CFA, New York (1) 212-438-7808;...
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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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