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Moody's: GM, GMAC cut to negative
Moody's Investors Service said it confirmed the Baa2 long-term rating of General Motors Corp. and the Baa1 long-term and prime-2 short-term ratings of General Motors Acceptance Corp., but changed the outlook of both companies to negative from stable.
Moody's said the change in outlook follows the announcement that GM has agreed to pay Fiat SpA €1.55 billion to terminate the master agreement between the companies and to realign their industrial relationships.
Although the €1.55 billion payment does not represent a significant erosion in GM's automotive liquidity position of $23 billion, Moody's said this outflow comes as the company is facing increasing challenges in its competitive and operating environment.
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