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In more news validating General Motors as solid and viable company, financial research giant Standard and Poor’s (S&P) has upgraded the American automaker’s credit rating in light of a new deal between the company and the United Auto Workers (UAW). GM’s credit rating has been increased from a BB- to BB+. Although the rating places it just below investment grade, it indicates stable outlook for the automaker.
S&P said in a statement that GM’s two-year profit streak, strong cash flow and solid performance around the globe were the catalysts for the ratings change.
Dan Ammann, General Motors senior vice president and chief financial officer, had the following to say:
“We are pleased that S&P has recognized the progress we are making. Our fortress balance sheet and low breakeven point are helping us succeed even in uncertain economic times, so we can stay focused on building great products and driving profitable growth around the world.”