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SEP 23, 2013 - San Francisco Chronicle

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Moody's restores GM debt to investment grade

DETROIT (AP) — A key ratings agency has restored General Motors' debt to investment grade status, eight years after the company lost the rating as it spiraled toward bankruptcy protection. The upgrade came on Monday morning, shortly after GM announced plans to buy back high-interest preferred stock from a union retiree health care trust fund for $3.2 billion. Moody's Investors Service raised GM's corporate debt from Ba1, which is junk status, to Baa3, the lowest investment grade rating. GM's credit ratings have been in junk territory since 2005, when the company was struggling with huge ... Read More

Tags: Moody's restores GM debt to investment grade,  Detroit Bankruptcy Latest News