DBRS Rates GM Financial’s $3.0 bn Issuance of Senior Notes at BBB, Trend Stable

DBRS, Inc. (DBRS) has today assigned a rating of BBB to the $400 million Floating Rate Senior Notes due May 2019, the $1.4 billion 2.40% Senior Notes due May 2019, and the $1.2 billion 3.70% Senior Notes due May 2023 (together the Notes) issued by General Motors Financial Company, Inc. (GMF or the Company). The trend on all of the Notes is Stable. The proceeds from the notes will be included in the general funds of GMF and available for general corporate purposes.

The rating reflects the ownership of the Company and considers the increasing share of GMF earning assets that are General Motors (GM)-related. Moreover, the strong financial and operational interconnectedness between GMF and GM and the importance of GMF to GM as a provider of dealer and consumer automotive financing underpin the ratings.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Finance Companies (October 2015). Other applicable methodologies include Rating Companies in the Automotive Manufacturing Industry (October 2015), DBRS Criteria – Rating Holding Companies and Their Subsidiaries (January 2016) and DBRS Criteria – Guarantees and Other Forms of Support (February 2016). These can be found at: http://www.dbrs.com/about/methodologies.

The primary sources of information used for this rating include company documents and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

For additional information on this rating, please refer to the linking document under Related Research.