Arab Today, arab today moody\s lifts gm to investment grade ahead of buyback
Last Updated : GMT 07:50:37
Arab Today, arab today
Arab Today, arab today

Moody\'s lifts GM to investment grade ahead of buyback

Arab Today, arab today

Arab Today, arab today Moody\'s lifts GM to investment grade ahead of buyback

New York - AFP

Moody\'s upgraded General Motors debt to investment quality on Monday as the biggest US automaker said it would buy back $3.2 billion in shares owned by the UAW union\'s trust. GM said it had reached an agreement to repurchase 120 million shares of preferred stock from the UAW Retiree Medical Benefits Trust (UAW VEBA) at $27 per share. To help fund the buyback, GM said it was issuing five-, ten- and 30-year senior unsecured notes. The buyback agreement depends upon the closing of the offering by September 30. In reaction, Moody\'s upgraded the company\'s debt to investment grade, from Ba1 to Baa3, with a stable outlook. The upgrade \"reflects our expectation that GM\'s competitive position and credit metrics will continue to improve based on the strength of the company\'s new product introductions in a healthy US market, its solid position in the increasingly important Chinese auto market, and its focus on maintaining a robust liquidity profile,\" Moody\'s said in a statement. \"Good things happen when you build great cars and trucks and deliver strong financial results,\" Dan Akerson, GM chairman and chief executive, said in a company statement. \"Today\'s news from Moody\'s further underscores that this is exactly what we are doing today.\" UAW VEBA currently holds 260 million shares of Series A Preferred Stock, while Canada Holdings owns an additional 16 million shares. GM said it expected to take a third-quarter charge of about $800 million for the share buyback. GM shares were down 0.2 percent in late-morning trade in New York in an overall lower market. US and Canadian authorities rescued GM in the 2009 as the automaker plunged into insolvency during the financial crisis. Last Thursday, the US Treasury Department announced it planned to fully exit its investment in GM within the next 12-15 months, depending on market conditions. Treasury currently holds 500.1 million shares of GM common stock. Earlier in September, the Canadian government and Ontario province announced they had sold off a large part of their share in GM.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today moody\s lifts gm to investment grade ahead of buyback Arab Today, arab today moody\s lifts gm to investment grade ahead of buyback

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:50 2017 Wednesday ,22 February

Yahoo salvages Verizon deal

GMT 15:47 2017 Wednesday ,22 February

Airbus faces challenges as it enters new era

GMT 11:47 2017 Wednesday ,22 February

Toshiba skyrockets over 22% on chip unit sale hopes

GMT 11:31 2017 Wednesday ,22 February

Bayer says Monsanto deal on track, eyes record 2017

GMT 10:49 2017 Wednesday ,22 February

Airbus says profits hit by military plane woes

GMT 06:43 2017 Wednesday ,22 February

LuLu festival offers a taste of Egypt
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday