General Motors Financial Co. Inc. Mar 11
Standard & Poors, March 2011
Abstract
Strategically important to General Motors' business Long track record in subprime automobile lending Improving financial performance Evolving strategy due to General Motors ownership Reliance on asset-backed securities (ABS) markets for funding Encumbered balance sheet Standard & Poor's Ratings Services' ratings on General Motors Financial Co. Inc. (GM Financial) reflect the company's evolving strategy due to General Motors Co.'s (GM; BB-/Positive/--) ownership, reliance on ABS markets for funding, and encumbered balance sheet. Other considerations include GM Financial's long track record in subprime automobile lending and improving financial performance. We consider GM Financial to be a strategically important subsidiary of GM, which enhances the long-term counterparty credit rating by one notch to 'B+', above the 'B' stand-alone credit assessment (see Group Methodology,...
Companies mentioned in this report are: General Motors Financial Co. Inc.,General Motors Co.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
General Motors Financial Co. Inc.,General Motors Co.
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