Fitch Comments On General Motors Financing Plan

December 31st, 2007 | by Administrator |

The impact of General Motors‘ (GM) announcement that it plans to issue approximately $10 billion in debt securities and convertible debentures is incorporated in Fitch Rating’s existing senior unsecured rating of ‘BBB+’. GM intends to use the proceeds to supplement its liquidity in the short term, and to subsequently provide partial funding for its U.S. pension and other retiree obligations. Although the exact timing of the contributions has not been finalized, GM expects to make significant contributions by year-end 2003.

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