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DBRS drops GM
DBRS said it downgraded the long-term ratings of General Motors Corp., including the issuer rating to B (low) from B (high).
Additionally, based on DBRS's leveraged finance rating methodology, DBRS said it has assigned recovery and instrument ratings to GM's secured credit facilities and long-term debt of RR2/B (high) and RR4/CCC (high), respectively.
All trends are negative.
The agency added that the ratings action reflects the sharp downturn in the U.S. automotive industry, combined with the dramatic shift in vehicle segmentation toward smaller vehicles and away from SUVs and pick-up trucks, which represent the General Motors' traditional product strengths.
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