UPDATE 3-S&P may raise GM, Fitch drops review for rating cut


(Recasts first paragraph, adds Moody's statement) NEW YORK, Sept 26 (Reuters) - Standard & Poor's on Wednesday said it may raise General Motors Corp's long-term debt rating after GM reached a tentative agreement with its employees' main union that ended a national strike. General Motors has a "B" rating from S&P, or five levels below investment grade. S&P previously had a negative outlook on the rating, meaning a downgrade had been expected over the next two years. GM's ...

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