S&P assigns GMF Canada notes BB-

Standard & Poor's said it assigned its BB- rating to General Motors Financial of Canada Ltd.'s (GMF Canada) proposed C$400 million senior unsecured notes.

The company's parent, General Motors Financial Co. Inc. (GM Financial), is guaranteeing the notes.

GMF Canada announced that it will be issuing C$400 million of senior unsecured notes to fund GM Financial's growing Canadian leasing business. GMF Canada has originated about $250 million of leases per quarter, on average, in the fourth quarter of 2013 and first quarter of 2014.

GMF Canada is a wholly owned subsidiary of GM Financial, and the proposed issuance amount is relatively small in comparison with GM Financial's total debt of $30.6 billion as of March 31.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.