Moody's cuts GM's debt rating to junk status

Newswire

NEW YORK, Aug 24 (Reuters) - Moody's Investors Service on Wednesday cut General Motors Corp.'s debt ratings to junk status, citing continued operating losses in North America and challenges to restructuring for long-term viability. Moody's also cut GM's finance arm, General Motors Acceptance Corp., to junk status. The cuts affect about $170 billion of outstanding debt, Moody's said. Moody's was the last of the three major rating services to cut the auto giant to junk status. Moody's ...

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