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Fitch Cuts GM Debt Deeper into Junk
By James B. Bleeker
Fitch Ratings has cut the long-term debt of General Motors Corporation two notches deeper into junk. The following table puts GM's current creditworthiness, or lack thereof, into perspective.
Table I S&P, Fitch, and Moody's Long-Term Debt Ratings as of November 10, 2005 Ratings Automobile Manufacturers Investment Grade Ratings AAA Toyota Motor Corporation AA+ AA AA- A+ Honda Motor Company A A- BBB+ BBB DaimlerChrysler AG BBB- Ford Motor Company Junk Grade Ratings BB+ Ford Motor Company, Ford Motor Company BB BB- General Motors Corporation B+ General Motors Corporation, General Motors Corporation B B- CCC+ CCC CCC- Delphi Corporation D The rating denominations are those used by S&P and Fitch. Fitch's action followed recent GM debt rating cuts by S&P and Moody's.
Of late, GM has been burdened with U.S. consumer sentiment that its vehicles are worth, if not nothing, something less than what will permit it to stay in business. For a brief history of GM's problems, see "Parts Division Jettisoned by GM Files Chapter 11 Bankruptcy; S&P Cuts GM's Debt Deeper into Junk," Auto on Info, October 2005.
Things may not look so good for GM shareholders and bondholders and the retirement benefits of salaried and hourly employees may fall some short of original expectations; nonetheless, on the brighter side of things, it seems likely that GM will be, if not fully, at least comfortably, funding the retirements of hundreds of attorneys.
Source for GM rating cut: "GM Credit Rating Cut," Detroit Free Press, November 10, 2005, at http://www.freep.com/money/autonews/irep10e_20051110.htm
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