UPDATE 2-GM debt downgraded to 'junk' by 2nd rating agency

Newswire

(Recasts lead. Adds background, stock price, byline) By Dena Aubin NEW YORK, May 24 (Reuters) - Fitch Ratings on Tuesday cut General Motors Corp.'s debt ratings to "junk," becoming the second agency to rate the world's largest automaker below investment grade as high gasoline prices erode its SUV sales. The downgrade follows a similar move by Standard & Poor's on May 5 and will cement GM's status as a junk credit, raising borrowing costs and limiting its options for raising funds. ...

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