S&P ups General Motors

Standard & Poor's said it raised the corporate credit rating on General Motors Co. to BB+ from BB-, along with the company's debt to BBB from BB+ with the recovery rating remaining at 1.

The agency also said it revised the outlook to stable from positive.

General Motor's prospects for generating free cash flow and profits in its automotive manufacturing business will continue to solidify, S&P said, because of its cost base in North America and gradual improvement in light-vehicle sales in North America into 2012, S&P said.

The upgrade also considers its fair business risk profile and its significant financial risk profile, the agency said.

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