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Non-Tech : GM - General Motors

GM 68.78

+2.8%

Nov 5 3:59 PM EST

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From: Don Green	5/24/2005 12:04:32 PM
	of 543

Fitch downgrades General Motors, GMAC ratings to junk Tuesday May 24, 11:58 am ET By Carolyn Pritchard SAN FRANCISCO (MarketWatch) -- Fitch Ratings on Tuesday downgraded the senior unsecured ratings of General Motors Corp. , GMAC and the majority of affiliated entities to BB+ from BBB-. Fitch said the move reflects the continuing decline in GM's North American sales of key mid-size and large SUV products, increasing product and price competition in the large pickup market, and the corresponding impact of these two segments on consolidated profitability. The agency also said it believes that declining volumes and profitability, coupled with lack of tangible progress in attacking manufacturing and legacy costs will result in negative cash flow through at least 2006. The rating outlook for GM remains negative, Fitch said.

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