Labor agreement has no effect on GM ratings - S&P

Newswire

NEW YORK, March 22 (Reuters) - Standard & Poor's said on Wednesday its ratings on General Motors Corp. were not immediately affected by the costs associated with the tentative agreement the automaker has reached with Delphi Corp. and the United Auto Workers union. The three parties agreed to a plan that involves significant employee reductions, S&P said. Under the plan, union members will be offered early retirement buyouts and up to 5,000 Delphi union members will be allowed to ...

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