S&P: General Motors unchanged

Standard & Poor's said that it views General Motors Co.'s first quarter 2011 earnings as consistent with its BB- rating and positive outlook.

The automaker announced a consolidated net income of $3.2 billion for the first quarter, including $1.5 billion of net gains, S&P said.

Operating results in the quarter benefited from continued profitability in North America, the agency said.

Factors that will be monitored include the potential for gas prices to be consistently more than $4 a gallon, S&P said, and the ability of GM and other automakers to maintain discipline regarding production, inventory levels and incentives.

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