Fitch affirms GM, GMAC ratings

Fitch Ratings said it has affirmed the senior unsecured debt of General Motors Corp. and its financial services subsidiary, General Motors Acceptance Corp., and related entities at BBB+. Fitch also affirmed the corresponding commercial paper ratings at F2.

The outlook remains negative.

Fitch said ratings for GM are supported by GM's gross liquidity position, the extended nature of its debt maturity schedule, a competitive product portfolio (particularly in the vital truck segment), an improved product mix in North America, strong performance in the Asia Pacific region and strong profitability at GMAC.

Key concerns include pricing pressures in both the U.S. and Europe, the near-term competitive position of the company's truck portfolio where GM faces new competitive threats with potentially dated products, a car portfolio that remains weak (albeit improving), and significant post-retirement benefit obligations.

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