General Motors Co.'s operational performance in recent quarters has exceeded our expectations. We believe that the company will likely maintain solid cash flow and profitability in 2018 and 2019, albeit amid its large-truck changeovers, increased investments, and slowing global automotive demand. We are affirming our 'BBB' issuer credit and debt-level ratings on General Motors Co. and subsidiary General Motors Financial Co. Inc. The stable outlook reflects our expectation that strong profitability in its North America truck portfolio (EBIT margins of over 10%) will continue to underpin the rating. In addition, sizable cash dividends from its Chinese joint ventures and an improved outlook for its South American operations should support a ratio of free cash flow to debt of at least
