Balanced geographic footprint Improved profitability at the higher end of industry average High (albeit reduced) dependence on large trucks for profitability Exposure to intensely competitive global auto market Highly cyclical demand for passenger vehicles Improved financial flexibility Minimal debt leverage Post retirement liabilities are better funded and de-risked The positive outlook on General Motors Co. (GM) reflects the increased likelihood that we could upgrade the company over the next 12 months given its improved track record of operational execution and exceptionally strong credit metrics amidst the generally favorable conditions in the automotive market. We could revise our outlook on GM to stable if adverse competitive developments (such as excess inventory, increased incentive use, or unfavorable shifts in customer demand) reduced
