...NEW YORK (S&P Global Ratings) April 18, 2018--S&P Global Ratings today assigned its '###' issue-level rating to Detroit-based automaker General Motors Co.'s (GM) new $16.5 billion senior unsecured revolving credit facilities. The facilities comprise a $10.5 billion five-year multicurrency facility, a $4.0 billion three-year multicurrency credit facility, and a $2.0 billion 364-day facility (with exclusive use by General Motors Financial Co. Inc.). These facilities replace the company's existing $14.5 billion credit facilities. Following the creation of the new facilities, we believe that the company's automotive liquidity will remain strong and in line with the liquidity positions at most of its automotive peers. We believe that GM will primarily use the new revolvers to fund its working capital, issue letters of credit, and--potentially--fund its strategic cash requirements. In our view, it is unlikely that the company will keep the revolvers drawn for an extended period because it views...
