Press release from PR Newswire
GM Upgraded to Investment Grade Rating by Moody's
Monday, September 23, 2013
GM Upgraded to Investment Grade Rating by Moody's11:11 EDT Monday, September 23, 2013
DETROIT, Sept. 23, 2013 /PRNewswire/ -- General Motors Co. (NYSE: GM) reported today that Moody's Investors Service upgraded the company to investment grade rating, from Ba1 to Baa3, with a stable outlook.
According to Moody's announcement, the upgrade reflects its view that GM's competitive position and credit metrics will continue to improve based on the strength of the company's new product introductions in the U.S., its solid position in the increasingly important Chinese auto market and its focus on maintaining a robust liquidity profile.
"Good things happen when you build great cars and trucks and deliver strong financial results," said Dan Akerson, GM chairman and CEO. "Today's news from Moody's further underscores that this is exactly what we are doing today."
General Motors Co. (NYSE: GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
Forward-Looking StatementsIn this press release and in related comments by our management, our use of the words "expect," "anticipate," "possible," "potential," "target," "believe," "commit," "intend," "continue," "may," "would," "could," "should," "project," "projected," "positioned," "outlook," or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate financing sources, including as required to fund our planned significant investment in new technology; our ability to successfully integrate Ally Financial's international operations; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; overall strength and stability of our markets, particularly Europe; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
SOURCE General Motors
For further information: Tom Henderson, GM Financial Communications, 313-410-2704, email@example.com