(Adds background throughout)
NEW YORK, Nov 14 (Reuters) - Fitch Ratings on Friday affirmed its ratings on General Motors Corp. and its finance arm but said the outlook remains negative, citing concerns about pricing pressures, competition and pension and health care costs.
Fitch affirmed GM's and General Motors Acceptance Corp.'s senior unsecured ratings of "BBB-plus," its third-lowest investment grade, and commercial paper ratings of "F2."
The rating affirmation reflects GM's recent negotiations with the United Auto Workers, recent debt issuance, pension contributions in 2003 and general industry and market trends, Fitch said in a release.
"The successful completion of the UAW contract with no work stoppage demonstrates the commitment of the union and GM management to cooperatively address the competitive disadvantage of the Big Three," Fitch said.