...NEW YORK (S&P Global Ratings) March 28, 2017--S&P Global Ratings said today that its ratings on General Motors Co. (###/Stable/--) are not immediately affected by the shareholder proposal from Greenlight Capital, which--according to company reports--includes the creation of a dual-class common stock structure. In connection with its proposal, Greenlight has also nominated a slate of four candidates for election to General Motors' (GM) Board of Directors. GM, however, confirmed earlier today that its Board of Directors has unanimously rejected Greenlight's non-binding proposal, which it intends to submit for a vote at the company's 2017 annual shareholder meeting. As there is considerable uncertainty regarding the eventual outcome of the proposal at this point, we cannot predict the specific implications that it will have on our ratings on GM. If GM were to create a dual-class common stock structure, as proposed by Greenlight Capital, we could consider the offering to be a hybrid issuance--which...
