Skip navigation
Newswire

GM's credit spreads tighten as results beat estimates

NEW YORK, July 31 (Reuters) - General Motors Corp.'s credit protection costs dropped substantially on Tuesday after the U.S. automaker said it flipped to a net profit, market sources said.

The cost to insure GM's bonds with credit default swaps fell about 75 basis points to 615 basis points, which means it costs $615,000 annually to protect $10 million of debt for five years.