NEW YORK (S&P Global Ratings) Feb. 2, 2022--S&P Global Ratings today said that General Motors Co.'s (GM; BBB/Stable/--) fourth-quarter 2021 performance and guidance for 2022 indicate an improvement in its headroom at the current rating (for more details, see "General Motors Co. Outlook Revised To Stable From Negative On Steady Profits And Improved Cash Flow Prospects," published Nov. 18, 2021). The company's results further support our expectation for the strong profitability of its truck portfolio in North America (EBIT margins approaching 10%), which will continue to underpin our rating. Overall, we expect GM's higher volumes and steady product mix and pricing to offset most of the effects stemming from its ongoing semiconductor-related production shortfalls and high commodity costs in 2022.
