The 'BB+' rating on Detroit-based General Motors is influenced by its status as a U.S. government-related entity (GRE). The company's 'BB+' corporate credit rating reflects our opinion of the automaker's 'bb+' stand-alone credit profile because we believe the likelihood of extraordinary government support is low, as defined under our GRE criteria. We view GM as a GRE under our criteria because of the U.S. Treasury's approximately 20% ownership (as of year-end 2012), even though the majority of GM is now publicly held. We will review this conclusion as GM's shareholder ownership structure evolves; however, even now, we view the link between GM and the U.S. Treasury as limited because we expect the Treasury's ownership position to decline over time. Additionally,
