AUTOS
From Times Staff and Wire Reports
Fitch Lowers GM Credit Rating: Fitch Investors Service Inc. cut the credit rating of General Motors Corp.’s senior debt and preferred shares, citing problems ahead for the nation’s largest auto maker. The rating agency said it lowered to A-minus from A-plus GM’s senior debt and to BBB-plus from single-A the company’s preferred and preference shares. GM has $234 million of preferred shares outstanding and $4.466 billion of preference shares. Fitch also cut to A-minus from A-plus the senior debt and medium-term notes of GM’s financial unit, General Motors Acceptance Corp. The move affects $11.7 billion in GM securities and $57 billion in GMAC debt.
