Detroit Bureau on Twitter

Posts Tagged ‘GM financials’

Fitch Raises Rating on General Motors

Agency cites strong financial position, product line.

by on Jun.13, 2017

Fitch Ratings raised General Motors' debt rating as well as that of GM Financial.

Fitch Ratings has upgraded the debt ratings for General Motors Co. and its finance subsidiary General Motors Financial Company Inc.

GM debt was raised to investment grade last year, but the upgrade of GM’s ratings is supported by fundamental improvement in the company’s credit profile largely resulting from its work to improve product profitability while maintaining a relatively conservative balance sheet, according to the analysis by Fitch.

News You Can Trust!

Raising the credit rating to investment grade has been one of GM’s goals since it emerged from bankruptcy in the summer of 2009.  (more…)

GM Selling $2B in Bonds to Cover Pension Liability

Automaker to cover part of unfunded pension obligation.

by on Feb.19, 2016

General Motors is offering $2 billion in bonds to cover a portion of its unfunded pension liability.

In a filing with the Securities Exchange Commission, General Motors announced plans for a bond offering to cover a portion of the unfunded liability in the company’s pension plan for hourly employees.

GM has priced two series of senior unsecured notes for a totaling $2 billion. The notes include $1.25 billion of 6.60% notes due in 2036 and $750 million of 6.75% notes due in 2046.

Subscribe Now!

The offering is expected to settle on Feb. 23, 2016, GM said in statements. The overall scope of the offering of the offering is relatively modest, given the company’s cash reserves, which it has pegged at more than $30 billion in its most recent financial statements. (more…)