S&P: General Motors unchanged

Standard & Poor's said General Motors Co.'s second-quarter 2012 results do not affect its ratings or outlook.

Automotive free operating cash generation was $1.7 billion, well below 2011 due to lower earnings, the impact of working capital and higher capital spending, S&P said.

Liquidity of $38.5 billion remains comfortably above an assumption of more than $30 billion, the agency added.

The agency said it continues to monitor the very weak economic outlook for Europe and the prospects that General Motor's heightened management focus and initiatives in Europe can reduce losses.

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