TEXT-Fitch cuts General Motors to 'CCC'

Newswire

(The following statement was released by the ratings agency) Sept 22 - Fitch Ratings has downgraded the Issuer Default Rating (IDR) of General Motors (GM) by one notch to 'CCC' from 'B-', due to diminishing liquidity and lack of access to capital. In Fitch's previous downgrade, Fitch stated that diminished capacity to refinance short-term maturities, or Fitch projections that GM would drop below $15 billion in cash could be cause for further downgrades. Fitch believes that GM would reach ...

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