Fitch cuts GM debt rating to junk, following S&P

Newswire

NEW YORK, May 24 (Reuters) - Fitch Ratings cut General Motors Corp.'s debt ratings to junk status on Tuesday, dealing a second blow to the world's largest automaker after a similar move by Standard & Poor's on May 5. The rating downgrade by a second agency will cement GM's status as a junk credit, raising borrowing costs and further limiting its options for raising funds. GM's ratings have slid from top "triple-A" levels in the 1980s as it battled global competition and rising ...

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