CEO: GM aims for investment-grade status this year

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Associated Press

Posted on January 9, 2013 at 9:02 AM

Updated Wednesday, Jan 9 at 9:02 AM

DETROIT (AP) — General Motors CEO Dan Akerson says the company hopes to regain investment-grade credit status this year.

He tells reporters that the company is working with credit rating agencies to raise its status from junk, where it's been since 2005.

Akerson says the company's recent $11 billion credit line received investment grade rating, showing that banks are ahead of the ratings agencies.

Companies with investment-grade status get lower interest rates when they borrow money.

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