UPDATE 1-Dealers quote GM bonds as if already junk


(Adds General Motors comment, background) NEW YORK, March 21 (Reuters) - Dealers have started quoting General Motors Corp.'s bonds as if they were already junk rated, in the latest sign that investors are preparing for the automaker to lose its investment-grade status. GM bonds have been reeling since Wednesday, when the world's largest automaker slashed its 2005 profit forecast, and Standard & Poor's and Fitch Ratings took initial steps to cut the company's debt ratings to junk. ...

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