LONDON, June 19 (Reuters) - Fitch Ratings said on Thursday it had downgraded the senior unsecured ratings of U.S. auto giant General Motors Corp. and financial services subsidiary General Motors Acceptance Corp. to BBB+ from A-.
The agency said in a statement it affirmed the companies' commercial paper ratings at F2. The rating outlook remains negative, Fitch said.
Fitch said the downgrade was due to the more negative incentives environment, weaker than expected performance in the U.S. light vehicles sector, continued worries about healthcare and pension costs, and longer-term concerns about GM's competitive position.