GM says it "feels the pain" of cuts to junk status

Newswire

DETROIT, May 24 (Reuters) - General Motors Corp. said on Tuesday that its finance arm "feels the pain" of cuts in the company's debt ratings to junk status. "The automotive sector drives the level of ratings, GMAC, the financial services business, feels the pain of the these ratings," GM spokeswoman Toni Simonetti told Reuters. She was referring to the run-up in borrowing costs at GM and General Motors Acceptance Corp. since Standard & Poor's cut GM's debt to non-investment grade on ...

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