S&P: General Motors unaffected

Standard & Poor's said its ratings on General Motors Co. are unaffected by the company's announcement regarding substantial changes to its pension obligation for U.S. salaried retirees.

According to S&P, General Motors will terminate its U.S. salaried plan. Existing active employees will be transferred to a new, separate plan.

The agency said it views the proposed actions as positive. Although S&P said it does not expect the proposal to materially change the net unfunded amount, it will reduce both assets and liabilities significantly and that should be a positive over time.

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