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S&P affirms GM, GMAC
Standard & Poor's said it affirmed its BBB- long-term and A-3 short-term ratings on General Motors Corp., General Motors Acceptance Corp. and all related entities.
S&P affirmed GM's and GMAC's BBB- corporate credit and senior unsecured debt ratings and A-3 commercial paper.
The outlook is revised to negative from stable, reflecting heightened concerns regarding the profit potential of GM's core North American automotive business in the wake of the company's dramatically revised earnings and cash flow guidance.
GM has just disclosed that it expects to generate a large net loss in the first quarter, compared with previous guidance of breakeven results.
Also, the company now expects full-year 2005 earnings per share of $1.00 to $2.00, compared with previous guidance of $4.00 to $5.00.
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