DBRS Rates GM Financial $2.25 bn Issuance of Senior Notes with Various Maturity Dates at BBB, Stb

DBRS, Inc. (DBRS) has today assigned a rating of BBB to the $500 million floating rate Senior Notes due June 30, 2022, the $1.25 billion 3.150% Senior Notes due June 30, 2022, and the $500 million 4.350% Senior Notes due January 17, 2027, (together the Notes) issued by General Motors Financial Company, Inc. (GMF or the Company). The trend on all of the Notes is Stable.

DBRS notes that the $500 million 4.350% Senior Notes reflect a further issuance of the January 17, 2017 issuance of 4.350% Senior Notes, due January 17, 2027. Immediately after the issuance of the $500 million 4.350% Senior Notes, this single series of 2027 notes will have an aggregate principal value of $1.25 billion.

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 2016). Other applicable methodologies include Rating Companies in the Automotive Manufacturing Industry (October 2016) and DBRS Criteria – Guarantees and Other Forms of Support (February 2017), which can be found on our website under 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.