Bulletin: General Motors Co.'s Strong Profitability Will Underpin Ratings, Despite Looming Cost Pressures

This report does not constitute a rating action. NEW YORK (S&P Global Ratings) April 27, 2022--S&P Global Ratings today said that General Motors Co.'s (GM; BBB/Stable/--) first-quarter 2022 performance and reaffirmed guidance for 2022 indicate solid headroom at the current rating (for more detail, see our research update, " 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 underpin our rating and support progress toward our upside triggers in a challenging environment. GM?s comments regarding the improving availability of semiconductors coupled with its

...NEW YORK (S&P Global Ratings) April 27, 2022--S&P Global Ratings today said that General Motors Co.'s (GM; ###/Stable/--) first-quarter 2022 performance and reaffirmed guidance for 2022 indicate solid headroom at the current rating (for more detail, see our research update, "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 underpin our rating and support progress toward our upside triggers in a challenging environment. GM's comments regarding the improving availability of semiconductors coupled with its ability to secure palladium supply through the end of the year abate some of our concerns around supply chain related uncertainty....

Bulletin